Transcription of The Section 203(k) Loan Program - United States Department ...
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The Section 203(k) Loan Program - United States Department ...
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.
(HUD) may be a good option for you. This program allows you to finance the purchase of a house—or refinance your current mortgage—and include the cost of its repairs through a single mortgage. The Section 203(k) loan program is HUD’s primary program for the rehabilitation and repair of single family properties.
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