What is the difference between a fha 203b and 203k loan?

The FHA 203b is the traditional purchase (or refinance) loan program. The 203B loan requires structural integrity and the house must meet FHA appraisal guidelines. In short, the house is now livable.

The FHA 203k loan is designed for rehabilitation and/or correction of structural deficiencies. Additional money can be borrowed and included in the purchase mortgage. The 203K loan may also be used to refinance the current loan.

The 203b and 203k program may be used to refinance an existing mortgage.