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Can you use an fha 203k to build a new construction on a lot that used to have a house on it?

  • July 14 2013 - San Diego
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Answers (4)

Not on a vacant lot. But if it means complete renovation of the house on the lot, then yes. 203k is designed for renovation or repairs, not new construction.
  • September 22 2013
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As already noted the program is for Renovation and Remodeling only and
new construction is not part of the program, a feasibility analysis by a 203K Consultant is appropriate for renovation and remodeling existing residential properties that the owner will occupy. 

Fred Sweezer Sr.
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  • July 15 2013
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Profile picture for gsmith6673
No. Not on the lot, pure and simple.

But if the lot includes the foundation of the home that "was" there (burned, torn down, storm damaged, etc), then Yes.

Simply put the FHA 203(k) is for "remodeling" and not for "new construction". So, if a substantial % of the prior home's foundation is in tact and is able to support a new structure, then Yes.

And...based on the condition of the property and the existing foundation, you could be asked to support those facts via an engineer's evaluation.  

FHA 203(k) Consultant - MS
  • July 15 2013
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Hi There,

You can use a 203(k) to rebuild, but there are several conditions that must be satisfied. Here's a link to the official information:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
  • July 14 2013
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