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What if the borrower can not occupy the home during all or a portion of the repair process?

April 26, 2017borrower Home occupy portion process Repair

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What if the borrower can not occupy the home during all or a portion of the repair process?

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For standard 203(k) loans, up to six months mortgage payments (PITI) can be included in the cost of rehabilitation and deposited in the rehabilitation escrow account when the property is not occupied during construction. This option is not permitted on the Streamlined 203(k) as it does not allow the borrower to be displaced from the property for more than 30 days during construction.