HUD Updates 203(k) Rehabilitation Mortgage Insurance Program

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 Philadelphia Mayor Cherelle Parker made the announcement at a home in Philadelphia, PA, with a borrower who used the FHA 203(k) program to finance renovations. “HUD has programs not only to help families purchase a house, but to help them repair their homes,” said HUD Acting Secretary Adrianne Todman. “Today, we are modernizing and expanding this program, helping both homebuyers and homeowners fix up their…