Section 203 (k) is a single family mortgage insurance program administered by the Department of Housing and Urban Developement (HUD). This program operates 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.
Section 203 (k) insurance enables home buyers and home owners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage-or to finance the rehabilitation of their existing homes.
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