Business and Personal Finance Dictionary

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• SECTION 203(K) LOAN PROGRAM
  
  HUD's primary program for the rehabilitation and repair of single-family properties. A 203 (k) loan is a first mortgage that covers the costs of rehabilitation and purchase or refinance of an eligible property. The goals of the Section 203(k) loan program are community and neighborhood revitalization and expanded opportunities for homeownership for low-and moderate-income families.
  
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