Housing News
Federal Housing Administration (FHA) seeks input from “Request for Information” to enhance financing for homes in need of rehabilitation
FHA seeks input on ways to enhance financing opportunities for homes in need of rehabilitation, focusing on improving support for these properties.
Pixabay
Washington- A request for Information was published in the federal register by the federal housing administration. The request for information seeks public comments on ways using which it can enhance its Single-Family 203(k) rehabilitation mortgage insurance program.
With the 203(k) program, people looking to purchase a home or refinance a home can easily obtain FHA insurance covering the current value of the home including rehabilitation costs. No doubt that FHA is in sync with the Bidden-Harris administration’s goal to increase the housing supply but it also aims to update the program to restore single-family homes more effectively.
Assistant Secretary, Julia Gordon said, “FHA would like to offer improved options to finance the purchase or refinance of a home that needs significant rehabilitation”. The feedback received from Request for Information (RFI) will further assist HUD in increasing housing supply and expanding homeownership opportunities.
At present, there are two options offered by the 203 (k) program. The options include the standard 203(k) mortgage which is used for major repairs and has a minimum repair cost of $5,000. The second one is Limited 203(k) Mortgage which is used for minor repairs and has a maximum repair cost of $35,000.
Article Sources
The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.
Department of Housing and Urban Development. “Federal Housing Administration (FHA) Seeks Input To Enhance Financing For Homes In Need Of Rehabilitation”. HUD, February 14, 2023,
Federal Housing Administration (FHA) Seeks Input to Enhance Financing for Homes in Need of Rehabilitation | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
Share
<
