Foreclosures Resurrect 203(k) Loans

A once little-used Federal Housing Administration loan program is getting dusted off as a tool in the current real estate market’s rush for foreclosed properties. The number of loans processed through the FHA’s 203(k) rehabilitation loan program has more than doubled in the last year to 11,493 at the end of July, according to FHA. It’s projected to reach 15,000 this year, compared to the 6,751 loans for all of 2008. In Shelby County, there were 39 203(k) loans approved for the first six months of 2009, according to FHA.

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