Every city or town has that part of it that it wishes to ignore. It could be next to an old factory or in the downtown area. There are programs out there to help revitalize these parts of town to make them more livable, and one of them happens to be the FHA 203(k) loan.
Well inside the FHA, there is a program set up to rehabilitate and repair single-family properties. This program is known as the FHA 203(k) loan. The loan is a great way to help low-income families have the opportunity to own a house in a "newer" neighborhood to raise their families.
The FHA 203(k) loan program was started to help revitalize properties for families to move into and live. Interestingly, the FHA 203(k) loan program has also done wonders to help revitalize neighborhoods and communities in desperate areas throughout the United States.
The FHA is fully committed to increasing home ownership in many of these areas. By lending money to lower income families and communities, the lenders show good faith and commitment to their communities as well. The FHA 203(k) loan goes hand in hand with the Community Reinvestment Act and truly gives a gift of a lifetime to those individuals who may not otherwise be able to afford a house in a safe and revitalized community.