FHA 203(k) Renovation Loans
Found a house with potential that needs work? An FHA 203(k) loan lets you finance the purchase (or refinance) and the cost of repairs in a single mortgage, with one closing and one monthly payment.
Two versions
- Limited 203(k) - for smaller, non-structural projects like a new kitchen, flooring, a roof, windows or paint.
- Standard 203(k) - for larger or structural work. A HUD-approved 203(k) consultant oversees the project.
Good to know
- FHA's standard down payment and credit guidelines apply.
- The home must be your primary residence.
- Repairs are completed by licensed contractors, and funds are released as the work gets done.
- The loan amount is based on the home's expected value after the improvements.