203(k) Loan

A 203(k) loan is a mortgage program offered by the FHA that allows homebuyers or homeowners to finance both the purchase or refinance of a property and the costs of repairs or renovations in a single loan. This streamlines the process by combining mortgage financing and renovation costs, making it easier and often more affordable to fix up certain homes. It’s particularly useful for buying fixer-uppers or homes needing updates, as it provides the funds needed for improvements while securing the property with a single mortgage.