Several types of properties are eligible to qualify for loans used to purchase new or to renovate current homes. The following explain the types of loans and what type of eligible properties qualify for the type of loan.
FHA 203k Loan Program
This loan is best suited for those needing more flexibility on debt-to-income ratio, those needing lower down payment requirements, and first-time home buyers.
Eligible properties must be primary residences only. Eligible properties include:
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Condominiums
(Renovation improvements are limited to the interior of the unit)
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Single-Family Residences
(Attached homes, detached homes, and town homes)
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One-to-Four Multifamily Unit Properties
Home-Style Loan Program
This loan is best suited for prior owners or those with an established credit history.
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Condominiums
(Renovation improvements are limited to the interior of the unit)
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Single-Family Residences
(Attached homes, detached homes, and town homes)
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One-to-Two Multifamily Unit Properties
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Second Home Residences
(Single unit only – attached homes, detached homes, or town homes)
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Investment Properties
(Attached homes, detached homes, and town homes. Loan amount cannot exceed $424,100).
Want to learn more about whether your property is eligible?
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