America's housing inventory is ballooning with foreclosures and abandoned homes. Short sales, where owners sell their homes for less than what they owe, are commonplace. Also commonplace is that these homes typically need repair or updating. In the last several years, borrowers seeking construction or rehab loans found out that they were hard to come by or that you had to have 20 percent down or equity in a property to get approved. However, one program that has been used for many years, the FHA 203k program, is having a renaissance.
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