Part of the 203(k) mortgage proceeds must be used to pay the costs of rehabilitating or improving a residential property. Reducing radon levels in a home is an improvement that can be financed through a 203(k) mortgage loan. The program allows home buyers to finance the purchase and repair or improvement of a home using a single mortgage loan. The Section 203(k) mortgage financing program is the Housing and Urban Development's (HUD) primary tool for rehabilitating and improving single family homes. In fiscal year 2004 HUD sold about 78,000 Real Estate Owned (REO) single-family properties.įinancing Residential Radon Mitigation Costs Using the HUD 203(k) Mortgage Insurance Program to Reduce the Risk of Lung Cancer in People.Required use of the agreement expired on May 31, 2005.The agreement notifies purchasers of the potential health problems caused by exposure to radon and some molds.
Weicher, the Federal Housing Commissioner issued a radon gas and mold Notice (H 2004-08) requiring that a release agreement (HUD-9548-E) be included in all sales contracts for HUD-acquired single family properties. Download the Home Inspection Form (HUD 92564-CN) (1 pp, 307 K, About PDF).This requirement potentially reaches millions of homebuyers. The form is mandatory for all FHA-insured forward mortgages. Mortgagees are required to provide the form to prospective homebuyers at first contact. EPA's 1-800-SOS-Radon hotline is also mentioned. Surgeon General’s recommendation that all homes be tested. There is a section on radon testing including the EPA and U.S.
In a 2006 letter, Brian Montgomery, the Federal Housing Commissioner at HUD informed Federal Housing Administration (FHA) mortgagees about revisions to its home inspection form (HUD-92564-CN). HUD Federal Housing Commissioner takes action on radon
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