Loan Programs
With an FHA 203(k) renovation loan, you can buy a fixer-upper or refinance your current home while including renovation costs—all in one mortgage.
FHA 203k Loan
There are two types of FHA 203k loans offered by the Federal Housing Administration. These loans include the cost of the property and repairs combined, making it ideal for homes in need of rehabilitation.
Limited FHA 203k Loans are for fixer uppers that don’t require structural renovation. These range from $5,000 – $35,000. For homes with structural damage or repairs that will exceed $35,000, you’ll need a Full or Standard FHA 203k loan.
What you should know about
FHA 203k loans:
- VLow down payments, as little as 3.5%
- VLoan terms of 15 - 30 years
- VOnly available for your primary residence
- VRepairs can include demolition, as long as part of the foundation stays in tact
- VRepairs must start within 30 days of purchase and be complete within 6 months
Home improvements
can include:
- VDisability access improvements
- VRoofing repairs
- VFlooring replacements
- VHVAC (heating and cooling systems)
- VEnergy conservation improvements
- VBathroom and kitchen remodeling
- VAppliance improvements
- VAdditions or finishing attics/basements
- VDecks and patios
- VGrading the site