203(k) Rehab Mortgage Insurance - HUD.gov
https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
WEBSection 203 (k) insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old. A portion of the loan proceeds are used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released when the rehabilitation is completed.
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