Discover FHAs bestkept secret The k program

Like many renters, Quentlin Henderson of Orlando, Florida, hoped to own his own home someday. Yet, with little savings, Quentlin thought he wouldn't realize his hopes for at least three to four years. He never dreamed that within six months he would actually own a completely renovated, three-bedroom, two-bath home of 2,288 square feet—more than two-and-a-half times as large as his 900-square-foot apartment.

How did Quentlin manage this feat? He discovered the little-known, but increasingly available, FHA 203(k) mortgage loan program. FHA 203(k) allows buyers to acquire and improve a run-down property with a low- or no-down-payment loan. "The house needed a new roof, new paint, new carpeting, and a bad pet odor needed to be removed," says Quentlin. "There was no way I could have paid for the house plus the repairs at the same time. And there was no way I could have otherwise afforded a house this size."

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