FHA 203k Rehab Home Loans
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Purchase and Renovation Loans Combined
While not specific to this demographic, the FHA 203(k) loan encourages families in the low to moderate-income bracket to purchase homes that are in dire need of repairs – especially homes that are situated in old communities. The program allows an individual to buy a home and renovate it under one fixed or adjustable-rate mortgage. The amount that is borrowed includes the purchase price of the home and the cost of renovation, including materials and labor.
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