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Properties That Is Eligible For Fha Renovation Loan
Properties that are eligible for the FHA renovation loan are single family dwellings, duplexes, triplexes and quads. Co-ops are not eligible. Also properties that have been burnt out or torn down with a portion of the foundation remaining are eligible.Visionaries can see the beauty of this renovation loan because finding a house that is a burnt out shell or one that has a portion of the foundation remaining can have a brand new structure built on top of an old foundation.
The FHA guidelines require that the properties must have been built and completed for at least one year and the county government has issued the certificate of occupancy. Some borrowers will find a property that a builder did not complete and they want to purchase and finish the build using the FHA renovation loan. Unfortunately these properties don't meet the guidelines. During these hard economic times there are a lot of subdivisions where the builders have left incomplete housing stock and filed bankruptcy.
The majority of the housing stocks in the country qualify for the FHA renovation loan, the problem is that so few people know and understand ...
... how this exciting program works.
This loan program can be used to renovate condominiums, the catch is that only four units per building, only the interior can be renovated, and a thirty minute firewall between is required between each unit.
It is exciting to think about all the ways to use this fantastic loan program. Think about it, you can extend your house on the sides or you can build up. If you really have a vision, you can reduce a large apartment building to no more than a four family dwelling, you must occupy one of the units as your primary residence.
The author is a well Known Real estate Developer & having immense interest and FHA 203k Renovation Contractor, Remodeling Contractor & FHA 203k Renovation Contractor Cleveland & much more hence also called to be as Property Guru. To know more visit on http://clevelandpropertymanagement.com/
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