Finance
A Mississippi homebuyer obtains an FHA 203(k) loan. This loan is specifically designed for:
AFirst-time homebuyers with excellent credit
BPurchasing and financing the renovation of a fixer-upper✓ Correct
CRural property purchases with no down payment
DPurchasing a multifamily property
Explanation
An FHA 203(k) loan combines the purchase price and renovation costs into a single mortgage, allowing buyers to finance the purchase and rehabilitation of properties in need of repair. It is popular for distressed and fixer-upper properties.
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