FHA 203k Loan

FHA 203k Loan

 Purchase or Refinance and rehab your property to create your dream home!

  • Low cash investment only 3.5% down payment of total loan amount based on FHA 1st, MIP, and 203(k) improvements.
  • Owner occupied single-family homes, PUDs, condominiums, and manufactured homes
  • Maximum loan amount $varies by county, call for details
  • Can be combined with an Energy Efficient Mortgage (EEM) for added energy enhancements
  • Appraiser will determine “as-is” and “improved value”
  • Upfront and Monthly Mortgage Insurance (MI)

FHA 203(k) Limited – up to $35,000 for rehab and upgrades

  • 50% of funds dispersed at closing, and construction begins within 30 days
  • Acceptable improvements include:
    • Roof repair/replacement
    • Purchase of appliances
    • Minor renovations (no structural repairs)
    • Painting
    • Safety upgrades
    • Replacement of windows & doors
    • Replacement/upgrade of HVAC, plumbing and electrical systems

FHA 203(k) Standard – Finance up to the full county loan limit for purchase or refinance and repairs

  • Up to 5 draws for funds (4 during rehab and 1 final)
  • Acceptable improvements include:
    • All improvements approved for the 203(k) Limited
    • Structural alterations and reconstruction
    • Changes for improved function or modernization (bathrooms, kitchens, attics and/or basements)
    • Adds ons or remodels
    • Energy Improvements
    • Repair/Replace roofs, windows, siding, and more.

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