Can The FHA Rehab Loans Be Used For Condominiums? | The ice man

Can The FHA Rehab Loans Be Used For Condominiums?

August 14, 2008 on 10:40 am | By admin | In Finance :: Loans / Lease

The FHA rehab loans can be used for condominiums which a lot of people probably never knew but there are conditions that come with the FHA rehab loans. The FHA rehab loan can only be for the owner/occupant or non-profit qualified borrowers only, the rehabilitation is only for the interior of the units, only five units per condominium can be rehabilitated at one time, and each condominium can only have four units. The Fha loan can be used for up to 24 units of condominiums which means that the most buildings that can be rehabilitated would be 6 buildings if there were 4 units per building.

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