|
|
Eligible Properties * One-to-Four Single Family Residences * Manufactured Homes * Individual condominium units in FHA approved condominium projects |
Eligible Improvements Repair/replacement of…. – Roofs, gutters, and downspouts – Upgrade of existing HVAC systems – Upgrade of plumbing & electrical systems – Flooring – Exterior decks, patios, porches Minor remodeling (no structural repairs) Painting – interior/exterior Window & door replacement, Exterior wall re-siding Septic system and/or well repair or replacement Standard non-structural repairs to detached buildings (garages, workshops, storage buildings, etc..) can be included in this program as long as the appraiser has given value to the building. The cost for termite treatment when they must tent the entire dwelling can be included. Required repairs from termite damage can be included provided no structural items are needing repair Pool Improvements Fencing around the pool is acceptable as long as it is a documented state law & the fencing is ONLY around the immediate poolarea…..not the entire yard. Repairs to the motor, must be documented the existing items do not work & thus would cause a safety issue as the pool would not be useable. |
All work must be completed within 3 months |
Contractor Requirements Consultant (and plan)is not required General Contractor not required – Borrower lines up subcontractors who will complete the work, Provides contractor (s)license & 2 references. Must use contractors to complete rehab unless borrower can provide documented proof that theycan perform the work – Example: Borrower is a licensed plumber or electrician, etc. |
THE FHA 203K PLAN |