The FHA 203k Loan is a renovation program that provides funds for both the purchase and renovation of a home. There are two types of FHA 203k loans. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
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