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Can you get a 203k loan on a house that is 75% complete if you qualify for FHA and USDA?

I have prequalified for FHA or USDA loan and have found a foreclosed home that is 75% complete. Can I get a 203K loan to complete the house? Thanks in advance for your answer!
  • August 05 2013 - US
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Answers (5)

USDA does not accept renovation loans. I have a lender that will look at the home on a case by case exception but generally will not work for this home. 
  • September 15 2013
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203k is for home renovation or repair. If the house has never been occupied before, then you will have to look for other options.
  • September 15 2013
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Thanks guys!
  • August 16 2013
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I concur with my compadre below. You'll need to find a Conventional Construction Loan or go Private Money then do a take out loan.
  • August 06 2013
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To be eligible for FHA 203k the home needs to have, at some point, obtained a certificate of occupancy (C.O).

Unfinished NEW construction usually needs to go HomeStyle renovation (the Fannie Mae version of a 203k) because it never had the C.O.

Existing construction abandoned mid-remodel at 75% complete would be a different story than unfinished new construction.



  • August 05 2013
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