Want To Buy A fixer upper heres a loan that can help you!!!

By
Real Estate Agent with Amanda Realty Group (Alexander Realty)

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it.

Many lenders have successfully used the Section 203(k) program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine Section 203(k) with other financial resources, such as HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with Section 203(k) and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.

The Department also believes that the Section 203(k) program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.

If you have questions about the 203(k) program or are interested in getting a 203(k) insured mortgage loan, we suggest that you get in touch with an FHA-approved lender in your area or your Realestate Professional for more information

Posted by

Amanda Alejandro

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Rainer
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Patrick Johnson
Windermere - Bellingham, WA

That is great info Amanda. Thanks for the heads up!

Patrick Johnson, ABR E-pro

Windermere RE, Bellingham Wa.

Oct 06, 2009 07:44 AM #1
Rainer
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Amanda Alejandro
Amanda Realty Group (Alexander Realty) - Saint Charles, MO
President Amanda Alejandro Realty Group

Your Welcome I hope you get some use from this loan it is really great...

Oct 07, 2009 02:09 AM #3
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Amanda Alejandro

President Amanda Alejandro Realty Group
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