The following properties are eligible for the 203k program:
- Owner occupied properties at least one year old
- Attached & detached single family homes
- 2 - 4 unit properties
- PUD's (i.e. Townhomes)
- Mixed use residential property is possible. Lender and appraisal guidance is required to access whether the property meets FHA guidelines.
- Manufactured Home - The manufactured home was built after June 15, 1976, and has been on a permanent foundation for over one year. The unit must have been delivered to the site when it was new, prior to being occupied.
- Condominiums in FHA approved project. It should be noted that the maximum mortgage is not permitted to exceed 100% of the after improved value
- Modular homes
- HUD owned homes and they may qualify for a $100 down payment
The following properties are ineligible for the 203k program:
- Properties less than one year old
- Co-ops
- Condotels
- Manufactured homes
- Log cabin homes
