INELIGIBLE 203(K) BORROWERS AND HOMES
INELIGIBLE 203(K) BORROWERS AND HOMES

INELIGIBLE 203(K) BORROWERS AND HOMES

 

The following characteristics and participants are ineligible for the FHA 203(k):

 

  1. No investment properties are allowed
  2. No 2nd home properties are allowed
  3. No “Stated Income” loan
  4. No five or more unit buildings are allowed, unless final product will be a properly zoned 1-4 unit, owner occupied property.
  5. No properties that are owned by the seller for less than 90 days are allowed. Homes owned by the seller for 90 days to one year, may require a second appraisal.
  6. No “New-Construction” close outs allowed, at some point the local municipality would have had issued a “Certificate of Occupancy”.
  7. No luxury items, such as swimming pools, are allowed.