The U.S. Department of Housing and Urban Development (HUD) has a loan program called 203(k) that allows for not only the purchase price of a home to be financed through HUD, but to also add in the costs of rehab to bring the home up to a neighborhood and livable standard and even some closing costs all into the first mortgage. It's a great program that is not only good for homebuyers, but good for the cities in that sub-standard houses that are rehabbed are a definitely bonus to improve a neighborhood.

What Types of Improvements are Allowed?

HUD is quite generous in the scope of improvements allowed under the 203(k) loans. For instance, a basement can be structurally fixed and finished making for increased living space; kitchens and bathrooms can be remodeled and upgraded or modernized; heating, air conditioning and ventilation systems can be upgraded; major landscape work can be added; an attached garage can be built, and so on. Of course, there are also restrictions but even aesthetic work can be added into the major work.

How Do You Go About Getting a Rehabilitation Loan?

After locating a property you'd like to buy but is in need of major work, find a lender who is approved by HUD to offer the special 203(k) rehabilitation loans. You can apply for a regular 203(k) or a "streamlined" 203(k) that is specially designated for properties needing less than $35,000 in work prior to moving into the home.

You'll then want to review the scope of the work you'd like to have done compared to the value of the property and the potential value of the property. HUD will not allow a property to be improved beyond the value it should be for the area or for more than the property is potentially worth. However, HUD does allow a lot of leeway here for owners.

A quick web search for 203(k) information will give anyone interested in the program a wealth of information and advice.

What's the Downside?

HUD is a government agency and working with HUD will add another layer of hoops to jump through before you buy and move into your home. However, for many homeowners, being able to take out one loan for the purchase and improvement of their "new" home will be well worth any hassles created by HUD. For some, it could mean the difference between home ownership and renting for several more years.

Buying a home is an exciting time but often a daunting process. When you find the home you want but find that it needs structural work, modernization projects or other major improvements before you could live there, look to HUD's rehabilitation loan as an option to financing your next fixer upper and you could save money in the long run.

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