These are Prime Times For The FHA 203(k)

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The 203(k) program has been HUD's primary program for the rehabilitation and repair of single family properties for the past 30 years. As such, it is an important tool expanding homeownership opportunities. The program enables homebuyers to finance a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or upgrades, homebuyers usually have to follow a complicated and costly process.

The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, the 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed rate loan that covers both the acquisition and rehabilitation of a property. 203(k) loans save borrowers time and money.

Many lenders have successfully used the 203(k) program and it is recognized by the local building departments as an excellent avenue for homebuyers to rehabilitate properties.

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