What Is a HUD 203(k) Loan?
HUD’s Section 203(k) loan program is one of many FHA programs that make mortgage credit available to borrowers who are buying or refinancing houses in need of repair or modernization.
Unlike conventional rehab programs, the 203(k) has the same relaxed credit- and income-qualifying and low-down payment guidelines as other FHA loan programs. The program is ideal for those who may not otherwise qualify for conventional loans due to income, credit, and/or down payment limitations.
On our News/Resources page, we’ve included links to helpful sections of the Department of Housing and Urban Development website for those seeking more detailed information.