WHAT IS A 203(b) LOAN?

FHA 203b loan is the basic loan package for the purchase of a home. The 203b derived its name from the code section in federal housing law.

one can take out a 203b loan to purchase a home that has 1-4 living units in the property. The down payment required is 3.5%. The down payment may be a gift from a family member; a grant from another government program or perhaps aid from a local non-profit agency.

FHA loan can include loan closing costs and the insurance payments.

Is this related to FHA Loan?

Catherine, yes, it's your standard FHA loan.

Thnaks elnoralittle

203(b) loan is a FHA program which provides mortgage insurance to protect lenders from the possible default of borrowers.

This is the most commonly used FHA program.It is standard FHA loan.

It offers following things

1)A low down payment.
2)Flexible qualifying guidelines.
3)Limited lender's fees.
4)Maximum loan amount.

its a FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

What if the property is missing appliances

Hi patos,

You should immediately file a complaint with the local police.

Take care.