The Federal Housing Administration (FHA) has proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program. The program helps borrowers purchase a home or refinance their existing mortgage to include the cost of repairs into a new loan.
The proposed changes are intended to enhance flexibility for borrowers and reduce operational burdens for lenders and other participants. Secretary Marcia Fudge stated that, with the proposed enhancements, “home rehabilitation will be more accessible for millions of homebuyers and homeowners through the Federal Housing Administration.”
“We are committed to making this program work well for the nation’s homebuyers and homeowners,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “Our proposed changes to the 203(k) program add to our larger goals of increasing both housing supply and affordability through FHA’s offerings.”
As the Lord Leads, Pray with Us…
- For Federal Housing Commissioner and Assistant Secretary for Housing Julia Gordon to head the FHA with prudence.
- For Secretary Fudge and HUD officials as they promote the proposed rehabilitation mortgage changes.
- For the president and his administration as they assess the state of the housing market.
- That Americans who are housing insecure this season would find available assistance.
