FHA 203(k) Loan

In this context, FHA stands for Federal Housing Administration (not Feral Hedgehog Assistant or Fantastic Harp Aria...if those are the definitions you’re looking for, we don’t know what glossary they're in, but this isn’t it).

FHA loans consist of money lent out for mortgages, with the federal government providing a guarantee to the lender that the loan will get paid back. It helps people get loans who might not otherwise qualify, with the government providing a backstop to keep the bankers from sweating themselves to sleep at night.

A 203K loan is a particular kind of FHA-supported product. Specifically, it provides money not just for a mortgage, but for renovations as well.

Looking to buy a fixer-upper for your feral hedgehogs? A 201K loan might be for you.