(Washington, D.C.) – The Federal Housing Administration (FHA) posted proposed changes to its 203(k) Rehabilitation Mortgage Insurance Program for industry feedback. The 203(k) program is designed to help borrowers purchase a home or refinance an existing mortgage and include the cost of repairs or rehabilitation into one new mortgage.
The proposed changes would update key provisions of the program and are designed to make it more useful for today’s market, increase flexibility for borrowers, and decrease operational burdens for lenders, 203(k) Consultants, and other program participants.
