FHA 203(k) and FHA 203(b) repair escrow loan programs
What is the purpose of a Basic Home Mortgage Loan 203(b) program?
FHA 203(b) program provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements for an FHA 203(b) program ?
The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.
What are FHA Section 203(k) Loans?
FHA Section 203(k) insurance enables home buyers and homeowners to finance both the purchase of a house and the cost of rehabilitation through a single mortgage or to finance the rehabilitation of their existing homes.
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