NAR Letter to FHA Re 203(k) Mortgagee Letter

Issue Date: January 05, 2024

NAR submitted comments to FHA in response to their draft mortgagee letter which updated their 203(k) Renovation Loan program. NAR applauds FHA for taking important steps to address the nation's critical housing supply shortage, with an eye towards first-time and low to moderate-income buyers. The substantive changes included in FHA's Draft Mortgagee Letter create significant opportunities for homebuyers to make real improvements to their home purchases, while simultaneously rehabilitating the limited housing supply stock and ensuring low-to moderate-income buyers have the opportunity to participate in revitalizing their communities.