Residential-Commercial Remodel-Miami, Florida

FHA 203k Loan Eligible Properties

What Types of Properties are Eligible? 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. 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. The 203K program may also be used to convert a single 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 may be moved to another property that is mortgaged or an existing house may be moved to a property that is not mortgaged. However in the latter case funds will not be released until the foundations have been installed and the house place on the foundations and the work has been inspected. We at Concepts Building Systems are FHA compliance inspectors.

FHA 203(k) For Mixed Use Residential/Commercial

A 203K 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  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 use the residential part of the property.

A small business operator should look into the FHA 203k loan. We can help