HUD 203K Loan
The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.
Luxury items and improvements are not eligible. All health, safety and energy conservation items must be addressed prior to completing general home improvements. The home must be the homebuyer’s primary residence. The home may have up to 4 zoned residential units. This incentive may be used in addition to other incentives. Homebuyer must use an approved lender.