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Can Section 203(k) be used to convert a one family dwelling to a two-, three-, or four-family dwelling (or vice versa)?

April 26, 2017convert dwelling family four-family section two- Used

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Can Section 203(k) be used to convert a one family dwelling to a two-, three-, or four-family dwelling (or vice versa)?

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Yes. Can Section 203(k) be used to move an existing house onto another site? Yes, however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation. At closing, funds would be released to purchase the site and the rest of the mortgage proceeds would be placed in the Rehabilitation Escrow Account. The borrower would have the site prepared to accept the dwelling. The first release would be based on the improvements made to the site, including the installation of the existing structure on the new foundation.