NAR Calls for Investor Participation in Home Rehab Program
February 3, 2012
The National Association of Realtors recently asked the Department of Housing and Urban Development to allow investors to participate in the FHAs property rehabilitation program. The FHAs 203(k) Rehabilitation Mortgage Insurance Program allows homebuyers to take out a mortgage to purchase a house, including the cost of its rehabilitation. The program also allows the current owners to finance the rehabilitation of their own homes. Currently, investors and cooperative units are barred from using the 203(k) programs. Individual condominium units may be insured if ...