Apply for your FHA 203k loan

FHA 203k Loan - How the Loan Program Can Be Used:

FHA 203-k loan

The Standard FHA 203k Loan

The Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA approved lending institutions who underwrite and close loans the meet FHA guidelines. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically the fha 203k loan is a home improvement or rehab loan.

As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that the FHA 203-k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.

Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine the FHA 203k loan with other financial resources, such as HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203k loan and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.

One of the uses of the program is for borrower to purchase a foreclosure and use the FHA 203k loan to provide the purchase money as well as money for the repairs tha are needed.

Apply for you FHA 203k Loan

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