Many people want to buy homes in older areas where lenders are reluctant to loan for the home purchase. Section 223(e) provides mortgage insurance to enable people to purchase or rehabilitate housing in older, declining urban areas. Section 223(e) can be used only to supplement other HUD mortgage insurance programs. HUDs Federal Housing Administration (FHA) administers mortgage insurance programs that help low- and moderate-income families become homeowners by lowering some of the initial costs of their mortgage loans. (14.123 Mortgage Insurance- Housing in Older, Declining Areas 223e) . For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/sfh/ins/223e–df.cfm
Income Eligibility: Low and moderate-income families
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