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Finance the Fixer Upper – FHA 203(K) Rehab Loan Program

Renovate Marblehead Real Estate

For those of you who want to purchase a property that requires updating/renovating, FHA’s 203(k) loan program may be for you.  (203(k) refers to a section of the National Housing Act)  The loan program can be used to finance the acquisition and renovation/modernization of single family, multi family (up to 4 units) and individual condo units (only interior renovations of condos).  One of the key benefits of the program is that it provides fixed permanent financing upon acquisition of the property.  There is no need to apply for one loan to acquire, another loan to renovate and then refinance after the project has been completed.  You can apply for a 203(k) loan at any FHA approved lending institution.  FHA/HUD does not make direct loans, it insures the loans made by FHA approved lenders.  I have not yet had a client use this type of loan but I will suggest to some that they investigate the program further.  You can learn more by visiting HUD’s website:      HUD 203(k) Program

I know a few good mortgage brokers and direct lenders that may be able assist you with a 203(k) loan.  Call or e-mail me anytime.  Mike Cannuscio, Harborside Realty, Mobile:  781.838.0068, e-mail:  mike@harborsiderealty.com.