Do you want to fix up a home? Consider a HUD FHA 203 (k) - - -
This loan program is intended for the rehabilitation and repair of single family properties of up to 4 units. Many lenders use this loan program to assist borrowers, sometimes even in cooperation with other programs offered by local housing authorities, as well as state and federal agencies.
It is even possible to combine other financial programs like the current HOME and HOPE programs also offered by HUD.
A few of the features and intentions of the FHA 203 (k):
- To preserve and restore the Nation's existing housing stock
- One loan for both purchase and the planned rehabilitation
- Funds can also be used for refinance with intended rehabilitation
- Funds can be used for 1 to 4 family buildings at least one year old (can add or decrease units in this range)
- Move a building from another site and do the rehabilitation on the new loan site
- Funds can be used for painting, room additions, decks, even if the rest of the dwelling does not need rehabilitation, but all life safety issues must be addressed in the dwelling
- Funds can be used to increase energy efficiency and even add solar energy elements (go green)
Other options and restrictions apply, so if you have an interest in exploring these housing finance programs, ask your Realtor ® to locate suitable property and a lender that can evaluate these and other financing options.
If you'd like to read more information online, you can go to the HUD website on the FHA 203 (k) program.
Comments(4)