203 K LOANS (Owner Occupants)
The Section 203(k) program is the FHA Department’s primary program for the rehabilitation and repair of single family properties purchased through the HUD program. Essentially a lot of Buyers are in the market of purchasing house that need some TLC (tender loving care).
203 K loans are structured in such a way that Buyers can purchase a property and get repair money held in an escrow account to fix the property. In many cases the purchase price and repair money are given to the Buyer. Thus creating instant equity!
All loans are subject to the Buyer, the lender and the property.