FHA 203(k) Loan


FHA 203(k) Loan
A type of federally insured mortgage product for individuals who want to rehabilitate or repair a damaged home that will become their primary residence. In addition to the funds to cover the purchase price of the house, the FHA 203(k) loan provides the money needed for repairs and related expenses as part of the loan.

This loan has a low down payment requirement compared to private-sector mortgages and puts rehab projects within reach for individuals who otherwise could not afford them. Supporters of this type of loan say it helps improve communities and broadens home ownership opportunities for individuals; critics say that it's a risky loan product that isn't offered without government underwriting for a good reason.


Investment dictionary. . 2012.

Look at other dictionaries:

  • FHA loan — is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders.FHA loans have historically allowed lower income Americans to borrow money for the… …   Wikipedia

  • Conforming loan — In the United States, a conforming loan is a mortgage loan that conforms to GSE guidelines.[1] In general, any loan which does not meet guidelines is a non conforming loan. A loan which does not meet guidelines specifically because the loan… …   Wikipedia

  • Redlining — [ HOLC 1936 security map of Philadelphia showing redlining of lower income neighborhoods. [The HOLC maps are part of the records of the FHLBB (RG195) at the [http://www.archives.gov/index.html National Archives II] .] Households and businesses in …   Wikipedia

  • Community Reinvestment Act — The Community Reinvestment Act (CRA, Pub.L. 95 128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial… …   Wikipedia

  • United States Department of Housing and Urban Development — Coordinates: 38°53′03″N 77°01′22″W / 38.88406°N 77.02266°W / 38.88406; 77.02266 …   Wikipedia

  • Mutual Mortgage Insurance Fund — A fund that insures mortgages made by the Federal Housing Administration (FHA) on single family homes. Mortgagors pay into the fund with a one time premium of 1.5% of the loan amount, paid at closing, and annual mortgage insurance premiums of… …   Investment dictionary

  • White privilege — is a sociological concept that describes advantages purportedly enjoyed by white persons beyond that which is commonly experienced by non white people in those same social, political, and economic spaces (nation, community, workplace, income, etc …   Wikipedia

  • New Deal — Pour les articles homonymes, voir Nouvelle Donne (homonymie). Franklin D. Roosevelt, instigateur du New Deal bouleversa considérablement l économie américaine pour la sortir de la Grande Dépression …   Wikipédia en Français

  • New deal — Pour les articles homonymes, voir Nouvelle Donne (homonymie). Franklin D. Roosevelt, instigateur du New Deal bouleversa considérablement l économie américaine pour l …   Wikipédia en Français

  • Nouvelle Donne — New Deal Pour les articles homonymes, voir Nouvelle Donne (homonymie). Franklin D. Roosevelt, instigateur du New Deal bouleversa considérablement l économie américaine pour l …   Wikipédia en Français


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.