The mortgage, called a 203K loan, is a Federal Housing Administration (FHA) product that permits borrowers to finance not only the price of a home but the cost of needed repairs or renovations.
“We call it the best kept secret in the mortgage business,” said Jeff Onofrio, director of renovation lending for AnnieMac Home Mortgage of Mount Laurel.
Homeowners utilize mortgages for renovations
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.
