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What Is an FHA Rehabilitation Mortgage and How Can It Help Me Buy a HUD Home?

April 26, 2017buy FHA help Home HUD mortgage rehabilitation

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What Is an FHA Rehabilitation Mortgage and How Can It Help Me Buy a HUD Home?

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The FHA 203(k) mortgage program helps homebuyers buy a home and have enough money to rehabilitate or repair it. Repairs must cost more than $5,000. The cost of the repairs and the mortgage are combined into a single monthly payment. Consider FHA’s 203(b) program if needed repairs are under $5,000. FHA also has a new Streamlined 203(k) program which may be useful. Discuss these financing options with your lender!