HUD encourages use of 203(k) loans

HUD's 203(k) program enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage, or to finance the rehabilitation of their existing home.

More information can be found on the HUD website. The site links to a 203(k) calculator tool that "allows users to accurately calculate the Maximum Mortgage amount after selecting the appropriate loan type and entering the required data."

HUD is trying to encourage more people to use the program, as noted in this recent Philadelphia Inquirer article.

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