High home prices and rising mortgage rates are making homeownership increasingly difficult for many Americans. A viral social media program suggests that buyers can pause their mortgage payments for a year through the FHA's 203(k) Rehabilitation Mortgage Program when buying fixer-uppers. This program allows for home renovations without immediate financial pressure. However, industry experts clarify that the payments are deferred and added to the loan, and the option is limited to primary residences only, guided by a HUD counselor.
The program is only for people who are purchasing a home as a primary residence, as determined by a HUD counselor, not at the borrower's discretion.
While it is a real program, the payments aren’t paused but rather added to the total loan amount and due after renovation completion.
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