Ponte Vedra Real Estate & Jacksonville Real Estate is prime areas for The FHA/ HUD 203K Program for Renovation.
Rehab Homes w/HUD‘s 203k is the a great way to Fix up Short Sale and Foreclosures Homes.. Let take a Look at what Type on Properties that is Eligible to participate in the FHA Program according HUD.
To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.
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.
In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.
A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
To learn more about All FHA/HUD 203k Programs go to the Bottom link.
Now here is a Bounce For Buyers who are buying and Renovating.. One of the best Mortgage Company that is Offer this FHA/HUD 203k Program an the Loan Officer to Handle this type Loan Programs Click on the link below
Jacksonville Real Estate – 203k Programs – Short Sale Homes and Foreclosures Homes
Nearby Neighborhoods where you can Find Homes that are Short Sale Homes and Foreclosures Homes
Dunns Creek Crossing, Dunns Creek Pointe, Cedar Bay, Lexington Park, Yellow Bluff Landing, Heron’s Walk, Tidewater, Amelia View, Watermill, Watermill Cornerstone Valencia, Hillcrest, Daybreak, Eagle harbor, Wynnfield Lakes, Benton Lakes, Jacksonville Real Estate, Real Estate Jacksonville, Oakleaf Plantation, Hamilton Glen, Eagle Landing, Forest Hammock at Oakleaf Plantation, Asbury Plantation (in Jacksonville Fl & In Orange Park, Fl