HUD Updates 203(k) Rehabilitation Mortgage Insurance Program

HUD Updates 203(k) Rehabilitation Mortgage Insurance Program

ByTMN Editor Reading Time: 2 minutes

The Department of Housing and Urban Development, through the Federal Housing Administration, updated policies for its 203(k) Rehabilitation Mortgage Insurance Program. Officials say the updates modernize and enhance the program for homeowners looking to affordably finance home renovations and rehabilitations when purchasing or refinancing. Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon and…

CHLA, NAR Offer Tweaks To FHA 203(k) Program

CHLA, NAR Offer Tweaks To FHA 203(k) Program

ByTMN Editor Reading Time: 2 minutes

The Community Home Lenders of America and National Association of REALTORS sent a letter to the Federal Housing Administration offering advice on the 203(k) loan program. Section 203(k) insurance enables allows homebuyers to pay for both a house and the cost of its renovation through a single mortgage. It applies to refinances as well, so…

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