HUD 203K loans have been around for many years. They may be the best existing mortgage product available today for many buyers. A 203 K loan allows the borrower to finance Real Estate and include in the mortgage funds for renovation or improvement as part of the mortgage. This includes construction financing at the same low interest rate as the mortgage. The program is insured by the Federal government so it is low risk to the lender and typically not difficult to qualify.
Scott Harris is one of the very few HUD 203K inspector/consultants in the entire pacific northwest and currently the only one in Portland. Call for more information about this terrific program.
CNBC Article on the 203K renovation mortgage
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