203k renovation loans offer funds for the purchase and renovation of homes and are considered important tools for neighborhood revitalization and homeownership opportunities, according to the U.S. Department of Housing and Urban Development.
Many lenders have issued 203k renovation loans by partnering with state and local housing agencies or nonprofit agencies that renovate homes, and they’ve been quite successful. They’ve found ways to get money into homeowners’ hands with other financial opportunities, like HUD’s HOME, HOPE and Community Development Block Programs.
Other lenders grant 203k renovation loans to prove they are valuable players in low-income communities and to meet Community Reinvestment Act responsibilities. Properties that are…
