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Fun With Funding!

Need to put some serious money into a cheap home? Today the Freep is talking up the the 203K mortgage — which is backed by the Federal Housing Administration (FHA) and the Housing and Urban Development Department (HUD. In a nushell, this is a win-win-win: buyers get a bargain; empty houses get owners, and neighborhoods get a boost. In the past six months the number of 203K loans in Michigan grew from 560 to 661; buyers like them because just this single mortgage offers enough money to buy the house plus fix it, thereby avoiding a construction loan. [Freep]