This FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

The property that you buy must be, what they call 203(k) eligible. This is determined by FHA to qualify.

The 203k program enables the borrower to close on the loan before starting any rehabilitation. The rehabilitation money is placed in an interest bearing escrow account at the time of closing. Escrowed money may be released in draws as work is completed. Monies needed to cover the cost of rehabilitation is included in with the mortgage. This loan is well suited for investors who purchase distressed properties for rehabbing and later sell at a higher price.

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