How do FHA 203k loans work? Are they a total loan or an add on for remodeling?

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Can anybody who has went through the process or has any knowledge explain it to me, please?

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Anonymous 0 Comments

FHA 203k loans are a loan that can be used to purchase and renovate a property. The loan is available as a total loan or an add on for remodeling. The total loan can be used to purchase the property and cover the cost of renovations, while the add on can be used to cover the cost of renovations only.