All types. Must be owner-occupied

One to four family residential homes, which have been completed for at least one year

Homes that have been demolished or razed as part of the rehabilitation process are eligible as long as the existing foundation system remains intact

Any property that the buyer wishes to convert. (ie.. a single family property into a two to four family property, or a two to four family property into a single family property, etc.)

Condominiums:

All improvements are required to be inside the condo

Must be owner-occupied

Mixed-Use Properties:

All improvements are required to be made to residential portion only

Must be owner-occupied

Storefronts are eligible

Miscellaneous Guidelines:

All properties must be at least one year old

New construction is not eligible

Commercial properties are not eligible

Required $5,000 minimum renovation cost

ELIGIBLE STRUCTURAL ALTERATION & RECONSTRUCTION:

The following items have been designated by HUD as eligible structural alterations and reconstruction for use of a 203(k) loan. Since each house and its conditions vary, your project may not require each exhibit listed below. You should indicate to your Consultant the scope of what you wish your project to entail and allow the Consultant to advise you as to the exhibits that your specific project will require.

Wood Destroying Insect Report
(Including all outbuildings and accessory structures)

Well and or Septic Report
(If applicable)

Home Inspection Report
From a qualified Architectural, Engineering, or Home Inspection Service. The Consultant can perform the Home Inspection function if qualified to do so and has no identity-of-interest in the property. This function is separate from the Consultant role.

Proposed Plot Plans for New Additions
Required by the lender and the municipality in which the home is located. The drawings must depict the scope of the addition to the lender and be submitted to the local enforcing agency for construction permit approval.

Proposed Floor Plans
(Drawings that indicate where wall changes will occur)

Other Exhibits as necessary
(i.e., cabinetry plans and elevations, new construction exhibits required to obtain permits, grading and drainage plan)

Work Writeup and Cost Estimate
A description of the work to be performed and a detailed cost estimate

ELIGIBLE BORROWERS:

Owner Occupants - Purchase - Refinance

Non- Profits

Investors NOT allowed

NOTE: Required Minimum of $5,000.00 in Repairs