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One of the most popular loan programs today is called the FHA 203(K) Rehab Loan. It’s an amazing program and one that sometimes falls under the radar. The rehab loan is very simple to understand. It allows you to purchase or refinance a home and roll the costs of the rehab project into the loan. With home values as low as they are, adding in the cost to renovate can still get you a very affordable monthly payment. One phenomenon that makes this loan attractive in today’s market is the current low-interest rate environment. In 1983 when interest rates were 18 percent, it would not make sense to buy a house and finance the repairs at such a high rate.

To read the entire article, please visit: http://horsham.patch.com/articles/fha-rehab-loan-gaining-popularity

September 16th, 2011 by FHA News Editor