Damon J. Brockenberry (Damon The Agent)
Washington DC Real Estate Services
Servicing Washington, DC, Maryland, & Virginia
cell: 240-694-6460 e-mail: firstname.lastname@example.org
I am a Realtor and not a lender, but I believe you may qualify if your credit and income check out. I do recommend talking to a lender but here is applicable information from HUD's website, I do not see anything that would disqualify you, do you?
To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.
Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.
In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
An existing house (or modular unit) on another site can be moved onto the mortgaged property; 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.
A 203(k) mortgage may be originated on a "mixed use" residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
Here is a link to HUD's website and the 203k loan page: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
We lend in DC and have the FHA 203K program. Other ones as well. I suggest contacting me to discuss further in detail. This isn't a yes or no question, I need some more information. One question is are you in an FHA loan now? I just can't say yes or no at this point.