Yes. The improvements must comply with HUD's minimum Property Standards, and all local codes and ordinances.

No. The program can be used for one-to-four unit dwellings. Maximum mortgage limitations are the same as for properties under Section 203(b).

Yes, however the program is limited to the following conditions:

A. Owner-occupied and qualified nonprofit Borrowers only.

B. Rehab is limited to only the interior of the unit.

C. Only the lesser of five units per condo association, or 25 percent of the total units can be undergoing rehabilitation at any one time.

D. The maximum mortgage amount cannot exceed 100 percent of the "after improved" value.

No. However the building can be renovated and reduced to a four unit building.