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HUD 203k financing is available to low to middle income buyers, who want to purchase a single dwelling home, or apartment building with up to four units, that is in need of remodeling or other renovation. The proposed renovation must be $5,000 or more, and can include installation and/or upgrades to mechanical systems, installation of windows and doors, repairs to foundations, framing, roofing, and to build additions. It can also be used to convert a single dwelling into a multiple unit apartment, or vice versa. A Home Inspection and feasibility study must be performed by a HUD certified 203k consultant, to determine if the purchase price, and the proposed renovation costs will exceed the projected appraised value of the property when completed. An independent appraisal will be required.
For those buyers with incomes above the 203k accepted range, Fanny Mae financing can be obtained.
There are realtors and loan officers in your area who sell and finance properties through the 203k/Fanny Mae financing program. You can contact us if you need help locating realtors or mortgage companys who provide these services.
Please contact Wayne F. Murray HUD 203k Certification #P1195, at Tri-M Home & Building Inspections, LLC for more information or visit the HUD 203k web site at http://www.hud.gov/fha/sfh/203kmenu.html
