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.