What Is a 203k?


203k is a mortgage plan whereby the borrower gets only one mortgage loan to finance the acquisition and rehabilitation of property. The mortgage amount is pegged on the projected value of the property when the work is complete, including the cost of the work.
1 Additional Answer
The 203K refers to financing received from the Federal Housing Administration (FHA) for the purchase of homes that are severely damaged and cannot be covered by the regular 203b loans. It allows the holder to seek for loans from the FHA to rehabilitate property.
Q&A Related to "What Is a 203k"
1. Prepare a list or resume' documenting your experience and education. A minimum of three years of experience as a remodeling or general contractor or a home inspector is required
HUD is broken into two entities. FHA (guarantees lenders will be repaid) and VA (loans the money) An FHA loan guarantee that everyone has heard of for many years is typically a 203b
How you qualify for a 203k loan is to have enough collateral or potential collateral to pay off the loan should you default. If you are getting a second mortgage then your house needs
A 203k form is a borrowers form used for people to borrow
Explore this Topic
A 203k loan is a loan that allows a borrower to purchase a property and repair it. It is perfect for home buyers who would like to buy less expensive properties ...
203k contractors are contractors that meet special HUD regulations set to for people to rehab their homes. They are hired when someone qualifies for the FHA 203k ...
A 203k financing is a government program that enables you to purchase a home and finances certain upgrades and repairs part of your mortgage. The Federal Housing ...
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