Home » NEWS » Homeowners eligible for FHA loan program

Homeowners eligible for FHA loan program

BILOXI — Biloxi residents learned this week about an FHA loan program that will let them borrow up to $271,050 to buy, refinance or improve their homes.

The Sun Herald reports the Federal Housing Administration 203(k) loan program is designed to rehabilitate the nation’s older homes.

Bo Smith, a mortgage financing expert from Jackson, says many of the homes in Biloxi were built in the 1950s and ’60s and 75 percent of the homes nationwide were built before 1990.

Under the FHA program, applicants must qualify as they would for any bank loan. If the applicant already has a mortgage or a second mortgage, those loans can be refinanced at the lower interest rate and included in the cost of repairs.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*