![]() ![]() HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs. Several state housing finance agencies have designed programs, specifically for use with Section 203(k) and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.The Department also believes that the Section 203(k) program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). These lenders, along with state and local government agencies, have found ways to combine Section 203(k) with other financial resources, such as HUD’s HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Many lenders have successfully used the Section 203(k) program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and intend to continue to strongly support the program and the lenders that participate in it. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. HUD does not make direct loans to help people buy homes.The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single family properties. These lenders fund the mortgage loans which the Department insures. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. Looking for Homes for Sale in NJ? Take a look at these NJ MLS Services. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |