Section 203(k)Single Family Rehabilitation Mortgage Insurance

What is the purpose of this program?

Provides mortgage insurance for a person to purchase or refinance a principal residence or investment property and to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling.

What are the eligibility requirements?

• Borrower must meet standard FHA credit qualifications.
• Borrower may be an owner-occupant or an investor.
• Mortgage insurance premium is paid monthly. There is no up front mortgage insurance premium.
• Borrower can purchase a one-to-four unit property that was completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements.
• Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided the existing foundation system is not affected and will still be used. The complete foundation system must remain in place.