FHA’s Home Rehab Program Spikes in 2009

A Federal Housing Administration (FHA) program for purchase loans on foreclosures or other properties in need of rehabilitation gained in popularity in 2009. As of June 2009, the volume of new loans covered by the FHA 203(k) Home Rehabilitation Mortgage Insurance Program nearly doubled the amount from all of last year, according to a report Thursday from the Office of the Comptroller of the Currency (OCC). Congress established the 203(k) loan program in 1978 to help borrowers gain and rehabilitate single-family properties.

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