Homeowner Loans
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johnleeke
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Joined: 20 Aug 2004
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Location: Portland, Maine, USA

PostPosted: Mon Oct 08, 2012 10:35 am    Post subject: Homeowner Loans Reply with quote

Rehab a Home w/HUD's 203(k)

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. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. 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 Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it.

http://portal.hud.gov/hudportal/HUD?src=%2Fprogram_offices%2Fhousing%2Fsfh%2F203k%2F203kabou

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