![](https://makeoverenovations.blob.core.windows.net/blogimages/florida-vernacular-architectural-style-rowhouse-plan-rendering-web-f-576.jpg)
Myth #6 about the FHA 203k: Only Certain Properties Qualify
6/20/2024
You're right! There are misconceptions about which properties qualify for FHA 203k loans.

Here's a breakdown of eligible properties:
- Residential properties: FHA 203k loans are for financing the purchase or refinance of residential properties that need renovations.
- Types of residences: This includes single-family homes, townhomes, and certain types of condominiums and manufactured homes.
- Minimum property age: The property must have been completed and settled for at least one year before renovation.
- Multi-unit dwellings (restrictions): You can use an FHA 203k to convert a single-family dwelling into a two-, three-, or four-family residence. However, you cannot finance the renovation of an existing multi-unit dwelling with more than four units.
- Investment properties not allowed: FHA 203k loans are for primary residences only, not investment properties.
In summary, FHA 203k loans offer flexibility for financing the purchase or refinance of a variety of residential properties that need renovations, as long as they meet the program's requirements.