Can I take a non residential use property & convert it with the 203k?
By Mike Young, FHA 203k Consultant 828-469-7462
(203kOnLine.com, covering the USA)
Can I take a non residential use property & convert it with the 203k?That has been a question for years that keeps cropping up. This past year I had one lender who kept finding these properties where the foundation is all that remained. In one case there was a barn they people wanted to convert to a living area. Some of these old barns never had a foundation which makes things a little difficult for sure. In another casee he found a foundation where the house had burned to the ground years ago and no one had purchased the site to rebuild. If we use that existing foundation, even if we add to it, we will likely be okay to move ahead. This house is located off Felter Road in Milpitas/San Jose area. Clearly is a 203k prospect. This one actually conforms to the standard guideline that every...
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