Finance
A Pennsylvania borrower uses a 203(k) FHA loan to purchase a home. This loan is designed for:
AFirst-time buyers only with no renovation needs
BPurchasing and rehabilitating a home with a single mortgage✓ Correct
CNew construction only
DMulti-family investment properties requiring renovation
Explanation
The FHA 203(k) rehabilitation mortgage allows buyers in Pennsylvania to finance both the purchase price and the cost of rehabilitating/repairing a home with a single loan. This is particularly useful for older or distressed properties needing significant work, common in Pennsylvania's older housing stock.
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