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If you want to buy a home that needs repair or finance needed repair to your current home, the Section 203(k) loan program by the Us department of Housing and Urban Development may be a good option for you. This program allows you to finance the purchase of a house-or refinance your current mortgage and include the costs of repairs through a single mortgage. This loan program is HUD's primary program for rehabilitation and repair of single family properties. The loans are beneficial for low and moderate income individuals or families since the loan down payment can be as little as 3%.
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