203k loan

4 Replies

A HUD property is one that is owned by HUD acquired through foreclosure. The 203k loan can be used to purchase a property that needs work. It is a HUD program, but you aren't limited to HUD properties.

Any kind of work for the most part can be done. You MUST address health and safety issues and "of necessity" type work, like rotted wood members, and failed systems like your boiler room equipment. That is a legitimate repair for sure. 

Sorry, I hit post reply too soon.

An FHA 203k loan can be used on any purchase or refinance that otherwise fits their loan limits. You can find loan limits in your area by going to the FHA portal type in your county and state to see what the loan amount maximum limits are in your area.