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.
properties. Section 203(k) loans are provided through HUD-approved mortgage lenders nationwide and insured by the Federal Housing Administration (FHA), which is part of HUD. “Section 203(k)” refers to the law, part of the National Housing Act, which allows FHA to make this mortgage insurance available. The loans are beneficial
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