Home-loan program includes renovation costs for Sandy-hit properties

Homeowners affected by Hurricane Sandy may qualify for loans to fix and elevate their properties under the federal government's 203(k) program after a temporary change made by the Federal Housing Administration. All repair and elevation work must meet local codes and the Federal Emergency Management Agency's requirements. "This may not be the solution for everyone, but it certainly offers hope to people who were previously shut out. There are borrowers who wanted to rebuild but couldn't, based on the new building codes for elevating their homes, because they had no means," said Steven Marshall of the Real Estate Mortgage Network.

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