Answering HUD Questions: What is the Meaning of 203K Eligible?
A consumer is searching the HUD Homestore website for available homes. He/she finds one that sounds interesting. It has the right number of bedrooms and bathrooms and a good price. He/she clicks on the Property Case number for more details. The Listing Information indicates the home is 203K Eligible. What does that mean?
The HUD website gives the following definition:
203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.
What does that mean for the consumer? The buyer can finance the repairs and the cost of the home in one loan.
If you would like to know more about the 203K loan, or if you are interested in learning more about HUD Homes in general, please contact The Foerster Team at (720) 530-5553.
(HUD is the U.S. Department of Housing and Urban Development.)
If you would like to schedule a showing of a HUD Home in the Metro Denver area, please contact The Foerster Team at (720) 530-5553.
Watch this blog site for available HUD Homes in Douglas County and the surrounding areas and additional information regarding HUD Home programs and purchasing HUD Homes.
(Clipart courtesy of Microsoft Office.)