WHAT IS THE FHA/HUD 203K lOAN PROGRAM?
The Federal Housing Authority's 203k loan program is HUD's primary program for the rehabilitation and repair of single-family properties and Multi-Family Properties. By offering funds to both purchase and rehabilitate properties, it is an important tool for community and neighborhood revitalization efforts and for expanding homeownership opportunities.
WHAT IS AN FHA SECTION 203K LOAN?
The 203k is a Federal Housing Administration (FHA) mortgage insurance program, which enables homebuyers and homeowners to finance both the purchase (or refinance) of a house and the cost of its rehabilitation through a single mortgage, or to finance the rehabilitation of their existing home. The minimum amount that can be borrowed is $5,000.
Charles H Gaulden FHA/HUD 203K Consultant