Finance
In New York, the 'FHA 203(b)' program is used for:
ACommercial property loans
BStandard residential mortgage loans for 1-4 family properties with as little as 3.5% down✓ Correct
CRehabilitation loans only
DCommercial construction loans
Explanation
FHA Section 203(b) is the standard FHA home mortgage insurance program for 1-4 family residential properties, allowing qualified borrowers to purchase with as little as 3.5% down and benefit from FHA's more flexible qualifying standards.
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