What are the qualifications for getting a 201k loan from HUD.?

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Are they similar to other normal mortgage loans? How much is credit a factor? Is it possible to get the loan forgiven by a locality through its Economic Development Grants? What other detail are known about these loans?

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  1. Reply
    Dawni Do Right
    February 23, 2011 at 5:55 am

    Specifically, the FHA 303K program is for the the purchase of a home in need of repairs & in your loan amount, the cost of repairs or improvements are included. (Home aquisition plus repairs & improvements)

    You have periodic inspections by a licensed home inspector to insure repairs are being done to code.

    Certain homes in certain areas qualify. Check their requirements at :
    http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

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