That is hard to say. The Feasibility Analysis is a low cost tool to help you determine if it is a 203k or not and to what extent the renovation may cost you.
I always thought we could rehab anything... Not so, however. Years ago I was in Merced CA to look at a home for a 203k project to find a home built right after or maybe during WWII and these homes had patio slabs with framing of 2x2" studs on 48" centers, with a 3/8" thick asbestos board screwed to the outside and you could see it from the inside of the home as there was very little drywall on the walls. I wanted to actually dig a footing all around the outside of the home and then build a new home up around the outside of the existing one, then emplode the original home using the slab as the floor for the new home but HUD engineering informed me that wouldn't be acceptable and that "every home isn't a 203k" . Looking back on it I don't know why that wouldn't have worked as we were using the existing foundation in it's entirety. I think I would argue a little more persuasively today that I was able to in 1994.
I saw another one that the home had some fire damage and the repairs to make it salable were clearly not done in a workmanlike manner and in my opinion were performed to cover up the real issues and the repairs were done in a "field expediant manner" to cover up the actual issues with the home. Terrible to see this and not knowing who did the repairs it is hard to lay blame. If the lender /owner had them done, they should get their money back... you go to jail for these type repairs. The repairs were clearly made by someone who had no contractor's license and if they were he would loose the license if it were known.
Wow, how do we get away with that? Oh, did you notice the charred joist sandwiched between the "new joists" not even scraped. The joists used to splice are cut in half to accommodate the pipe.
Not every home is a 203k. Look at the charred wood between the "new floor joists" not even scraped. It got worse from this point on. Multiple floor joists hung on "air" left with no support at the ends or anywhere else... just where a few nails were put into the charred original floor joists. This is a 203k if they let us tear it down and rebuild in on the existing foundation.
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