The Office of the Comptroller of the Currency (OCC) wants more national banks to get involved in the FHA’s 203(k) lending initiative, which rolls government-backed financing for the purchase and rehabilitation of a home into one transaction.
In a recent issue of its Community Development Insights magazine, the agency underscores the role the program can play in fixing up foreclosed properties and nurturing neighborhoods.
“This product can be used by banks to develop new business, mitigate risk, enhance profitability, as well as assist in the revitalization and stabilization of neighborhoods negatively impacted by the current foreclosure crisis,” according to OCC.
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