Finance Home Repairs or Remodels at Closing with an FHA 203(k) Renovation Loan

Are you looking at a house with “good bones” but needs a lot of work? The FHA 203(k) loan program provides funds for renovations and repairs of your primary residence by financing the after-improved value rather than the present value of the home¹. Qualified borrowers receive a single loan with one closing!

  • As little as 3.5% down payment
  • Finance 100% of weatherization/energy efficient improvements²
  • Finance construction costs with a single closing
  • You choose the contractor (must meet lender approval qualifications)
  • A wide variety of repairs can be included, roofs, kitchen/bath remodels, flooring, paint, room additions, handicap accessibility, new appliances, plumbing/electrical repairs and lead-based paint abatements³
  • Tear down and rebuild home4

1 203(k) Limited loans are limited to $35,000 for repairs or renovation. 203(k) Standard repair amount is based on the purchase price plus repairs or 110% of the after-approved value, whichever is less. Must include fees, contingency reserve, and repairs.

2 Up to an additional $8,000 may be available. Examples of qualifying improvements include central heating/cooling, replacing wall heating units, test and seal ductwork, dual pane or low-E windows and sliding doors, exterior doors and sunscreens, attic and wall insulation, and water heater replacement.

3 Structural repairs or improvements qualify on the 203(k) Standard only.

4 Applies to the 203(k) Standard program only, and requires that existing foundation remains intact.

Fill out our Quick Quote on the right and one of our specialists will contact you. No credit check needed.