The FHA controls the use of 203(k) money loaned for repairs to a home only up to the extent of the primary residence of the mortgagor of the home loan. Therefore, the option A holds true.
In a 203(k) money allotted by the Federal Housing Authority, or the FHA, the amount is limited to be utilized only up to an extent of the home repairs or renovation of the primary place of residence of the mortgagor who has availed such loans.
Therefore, the option A holds true and states regarding the significance of home repairs.
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How does the fha control the use of 203(k) money loaned for repairs to a home?
A. Primary residence
B. Multiple residences
C. Shifting residence
D. All of the above
