203(k) Program

The 203(k) Program is a mortgage option offered by the Federal Housing Administration (FHA) that helps homebuyers purchase and renovate a home with a single loan. It allows you to finance both the purchase price and the cost of home improvements, making it easier to buy homes that need repairs or updates. This program is ideal for those looking to buy fixer-uppers, as it provides access to funds to cover renovations, ensuring the home meets safety and livability standards. This can improve the quality of housing while also potentially boosting neighborhood value.