Finance
A buyer uses an FHA 203(k) loan to purchase a fixer-upper in Fargo. This loan differs from a standard FHA loan because it:
ARequires no down payment
BRolls the purchase price and renovation costs into one loan✓ Correct
CIs only available to veterans
DRequires no property appraisal
Explanation
The FHA 203(k) rehabilitation loan allows buyers to finance both the purchase of a property and the cost of renovations in a single loan. It is designed for properties that need repairs or improvements.
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