Home Buying in Riverside>Question Details

Knmorris222, Home Buyer in Perris, CA

Can I use a 203k loan to move a home?

Asked by Knmorris222, Perris, CA Tue Aug 13, 2013

I found a historic house that needs to be relocated and rehabbed. I came across an article that mentioned the 203k loan as a way to make this happen. Upon calling about 25 different lenders and the local HUD office they told me that the only way a home could be financed for the 203k was if it remained on its foundation. I'm a little confused about this. How can a home remain on its foundation when it's going to be moved? I went back to the HUD website and I found this "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." Can someone enlighten me on what this all means. Is it impossible to get a loan to move and rehab this house?

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203k loan is designed to help home owners who are in need of financial help for home repairs, renovation, and even new purchase.

I found a site which will give you a detailed guide and other valuable information about 203k loan. Check out http://www.cfs203k.com.
0 votes Thank Flag Link Sun Sep 8, 2013
No you may not. My original answer was just no but it says that is not long enough. So the answer is NO
0 votes Thank Flag Link Tue Aug 20, 2013
In all my 20 years of Real Estate and loan experience, I've never come across this type of question. I'm really interested in the outcome of your research because I love "out-of-the-box" thinking. Please post again later to update our community here so we know how it turned out for you! Good luck!
0 votes Thank Flag Link Sat Aug 17, 2013
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