Q & A: Federal Housing Administration

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  1. Are there government programs for rehab?
  2. Are there loan programs for fixer-upper homes?
  3. Do FHA loans require escrow/impound accounts?
  4. How do FHA loans work?
  5. Which lenders offer FHA loans?

Are there government programs for rehab?

Yes, the U.S. Department of Housing and Urban Development (HUD) has a 203 (k) loan program specifically for “handyman specials and fixer-uppers”. The 203(k) program allows you to acquire a loan for the property with the costs of repairs included in the loan. Buyers must work with a HUD 203(k) approved lender and meet program requirements. Visit the HUD website, for more information.

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Are there loan programs for fixer-upper homes?

Yes, the U.S. Department of Housing and Urban Development (HUD) has a 203 (k) loan program specifically for “handyman specials and fixer-uppers”. The 203(k) program allows you to acquire a loan for the property with the costs of repairs included in the loan. Buyers must work with HUD 203(k) approved lender and meet program requirements. Visit the HUD website, www.hud.gov, for more information.

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Do FHA loans require escrow/impound accounts?

Yes, escrow/impound accounts are regularly required to obtain an FHA loan. Learn more on the HUD website

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How do FHA loans work?

The FHA, which stands for the Federal Housing Administration, will insure private home loans for qualifying buyers who otherwise may have difficulty obtaining a loan. The loans must be provided through FHA approved lenders and the borrowers must meet FHA requirements.

For more information on FHA loan requirements in your area, visit hud.gov's FHA loans page.

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Which lenders offer FHA loans?

An FHA approved lender list can be found on the HUD website, at http://www.hud.gov/ll/code/llslcrit.cfm

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