Restoring investors to 203(k) program 'high priority' for FHA

Mortgage program for rehabs restricted to owner-occupants since 1990s

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If you’re eager to see the Federal Housing Administration’s 203(k) rehab program reopened to investors, do you want the sobering news first or the good news?

OK, first the good news. In discussions I had last week with FHA officials, they confirmed that the agency has heard — and is sympathetic to — the pleas from Realtors, lenders, homebuilders, contractors and small investors to bring back 203(k), which has been closed to investors since the mid-1990s.