A 203(k) mortgage may be originated on a "mixed use" residential property provided
The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; the commercial use will not affect the health and safety of the occupants of the residential property; and the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
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