The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Uses and Use Restrictions
These loans may be used to rehabilitate an existing 1 to 4 unit dwelling in one of four ways: (1) Purchase a structure and the land on which the stick built structure is located and rehabilitate it; (2) purchase a structure on another site, move it onto a new foundation on the mortgaged property and rehabilitate it; or (3) refinance the existing lien secured against the subject property and rehabilitate such a structure.
Maximum insurable mortgage loans for an occupant mortgagor are the same as prescribed for Section 203(b) - Program 14.117.
HUD offers two 203K rehabilitation loan programs.
The limited 203 (k) program does not require a minimum amount of repair costs but the program is capped at a total of $35,000 for the cost of improvements/repairs.
The other program is the Standard 203(k).
A minimum of $5,000 of repair/improvement costs are required but, there are no limitations on the amount of the repair/improvements.
However, statutory loan limits apply.
HUD insures lenders against loss on the 203(k) loan prior to the rehabilitation/improvements are completed.
Individual and families.
Individuals and families.
Documentation regarding the characteristics of the property and the qualifications of the borrower are assembled by the lender and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted through a HUD-approved lending institution.
See Application Procedure.
National Housing Act, as amended, Section 203(k).
Range of Approval/Disapproval Time
The lender or HUD will state the reason for refusing an application. The applicant may reapply subject to concurrence of the lender.
Formula and Matching Requirements
Statutory formulas are not applicable to this program. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
The mortgage term may extend for 30 years. Method of awarding/releasing assistance: quarterly.
Post Assistance Requirements
Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the FHA regulations.
86-4587-0-3-371 - FY 2010 and future.
(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported Under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at email@example.com or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: firstname.lastname@example.org Phone: (800) 225-5342
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