The Real Estate Encyclopedia
203k Loan
Category - Real Estate Information Sources - Real Estate Books & CD's
FHA's purchase or refinance and rehab product. This is a unique product developed in 1961 by the Federal Housing Administration to make it easier for the rehabilitation of our housing stock in the USA. It was amended in 1978 and in 1994 it was modified when "203k Consultants" were created to facilitate the loan process. In 2005 the "Streamline 203k" was introduced to make it easier for borrowers who only had simple repairs to make. This program can be used to rehabilitate real estate from single family homes, 2-4 units, and mixed use buildings. A unique feature with regards to mixed use is that the commercial uses are ignored, and the property is only viewed as a residential 1-4 unit building. The income from the additional residential units is taken into account and a portion is added to the borrower's income for establishing the borrower's loan to debt ratios. 

Contact Details
Mike Young
North Carolina


External Links


Real Estate Information Sources - Real Estate Books & CD's
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .