HUD 203(k) Rehab Loan

The HUD Section 203(k) program is the Department of Housing and Urban Development's primary program for the rehabilitation and repair of single family properties.

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
To purchase a dwelling on another site, move it on to a new foundation on the mortgaged property and rehabilitate it.
To refinance existing indebtedness and rehabilitate such a dwelling.

There is a minimum $5000 requirement for the eligible improvements on the existing structure. Any repair is acceptable in the first $5000 requirement that may affect the health and safety of the occupants. Cosmetic repairs cannot be included in the first $5000, but may be added after the $5000 threshold is reached.

These loans are available through FHA-approved lenders.

Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345