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When I bought my house it was definitely a “fixer-upper”. Literally the first thing my mother said to me upon seeing it from the outside for the first time was “please tell me that isn’t your house”. It was. I didn’t mind all the hard work it took to fix the place up and I certainly learned a lot. Probably one of the most important lessons I learned was what a bearing wall is.
What I didn’t know about at the time was HUD’s 203(k) Rehab Program. This 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide and is available to persons wanting to occupy the home. Have more questions? You can find out more about the program here.