FHA 203K Loan Program
The Section 203(k) program is the Department’s (HUD) primary program for the rehabilitation and repair of single family properties.
The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. Rehabilitation/repairs are completed after closing.
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