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. The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single-family properties.
Section 203(k) insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old. A portion of the loan proceeds are used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released when the rehabilitation is completed.
Certified FHA 203k Renovation Consultant
As a Certified FHA 203k Renovation Consultant, we can guide you through the 203k renovation loan process.
Resource Links
FHA 203(k) Rehabilitation Loans
FHA 203(k) Rehabilitation Mortgage
FHA 203(k) Resource Guide