Construction Financing Option

HUD offers a construction financing option that one of my clients is using. It's called a HUD 203(k) loan and it works really well with inner city single-family rehabilitation projects. That's not to say that the house must be renovated, in fact the house can be raised as long as part of one exterior wall and foundation is preserved. I have found that many of my clients could use this kind of loan.

Please go to this link to see the details of the loan. The loan distinquishes itself from conventional construction loans in that it requires just 3% down (most construction loans require 20% down), it's a single-closing, and I beleive there's a minimum 1-year commitment to occupy the property.

Please view Nick Mehl Architecture for designs in the austin area.