Transcription of The Section 203(k) Loan Program
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The Section 203(k) Loan Program
TThhee SSeeccttiioonn 220033((kk)) LLooaann PPrrooggrraammTurning Fixer-Uppers into Dream HomesAAbboouutt tthhee SSeeccttiioonn 220033((kk)) LLooaann PPrrooggrraamm If you want to buy a home that needs repair or financeneeded repairs to your current home, the Section 203(k) loan Program by the Department ofHousing and Urban Development(HUD) may be a good option for Program allows you to finance thepurchase of a house or refinance yourcurrent mortgage and include the costof its repairs through a single mortgage. The Section 203(k) loan Program is HUD s primaryprogram for the rehabilitation and repair of single familyproperties. Section 203(k) loans are provided throughHUD-approved mortgage lenders nationwide and insuredby the Federal Housing Administration (FHA), which ispart of HUD. Section 203(k) refers to the law, part ofthe National Housing Act, which allows FHA to makethis mortgage insurance available.
eligible repairs or improvements and that you complete the repairs within six months after the loan’s closing depending on the extent of work to be completed. This first $5,000 pri-marily covers eliminating building code violations, modern-izing, or making health and safety-related upgrades to the home or its garage.
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