HUD HOC Reference Guide
203k Rehabilitation MortgagesChapter 1
Appraisal & Property Requirements
The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single-family properties. The program allows the borrower to get just one mortgage loan, at a long-term fixed or adjustable rate, to finance or refinance both the acquisition and the rehabilitation.
Please see: HUD Handbook 4240.4 rev-2 and 4150.2 Appendix B-1 for additional information. See Mortgagee Letter 2005-50 for information on the Streamline 203(k) process. The 203(k) loan program may only be used condominium units located within structures (buildings) containing no more than 4 units. The repairs involving a condominium unit are limited to the interior space of the unit. (Cooperatives are not eligible for 203(k) mortgage insurance). Also see: HUD Form 92700 203(k) Maximum Mortgage Worksheet (2/06).
List of 203(k) Consultants
203(k) Consultants can be found on HUD's website by using the 203(k) Consultant Search Tool. Additional information on matters relating to consultants may be obtained from HUD Mortgagee Letters 1995-40 and 2000-25.
|Content Archived: October 25, 2012|