The Section 203(k) program is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding home-ownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and they intend to continue to strongly support the program and the lenders that participate in it.
This program has become a leading source of financing for bank owned (REO) properties. Since many foreclosures suffer from significant deferred maintenance and/or downright vandalism, this program will allow borrowers to close on a property that otherwise would not be financeable while providing needed funds to repair the improvements.
I have been a leader in mortgage lending for over 25 years. If you or your clients need information on FHA Section 203(k) rehab loan or any other type of financing, please give me a call at 503-764-4005. I am available to anwer your questions.
Art Marine
Branch Manager
10220 SW Greenburg Road, Suite 250
Portland, OR 97223
503-764-4005 direct
503-799-7085 cell
1-866-510-4716 fax
I agree it is a great program that can actually help inprove the value of the entire neighborhood.