Finance
A Texas buyer is purchasing a home using an FHA 203(k) loan. This loan is used for:
APurchases of newly constructed homes only
BPurchasing and renovating a property simultaneously with one loan✓ Correct
CAgricultural land purchases
DCommercial property rehabilitation
Explanation
The FHA 203(k) loan program allows buyers to purchase and renovate a property with a single loan. The loan is based on the projected after-renovation value, financing both the purchase and rehabilitation costs.
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