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203(k) Mortgage Rehabilitation Insurance Program
Loans cover acquisition and rehab costs for residential properties (one- to four-family dwellings) which need at least $5,000 in repairs. Low down payment, closing costs wrapped into mortgage, rehab money escrowed at closing and disbursed directly to contractor. 30-year fixed rate mortgages. Minimum code standards must be met and rehab work must be inspected prior to payments to contractor. [local lenders]
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FHA
