FHA 203K Loan

As part of the Federal Housing Administration’s mission to help Americans buy and refinance homes, it offers the 203K loan program to make fixing up homes affordable.

Renovate with the FHA

The 203K program makes it easy to roll the cost of home repairs and improvements into a single FHA mortgage.

When your realtor shows you around a property for sale, you don’t just look at what it is — you look at what it could be. You know that if the home is built on a solid foundation in a good neighborhood, then you can find a way to work with the rest.

Give an Old Home a New Life

As with regular FHA loans, you can qualify for this mortgage program with less-than-perfect credit and as little as 3.5 percent down.

As long as the loan amount does not exceed the overall FHA loan limit for the county, it is possible to finance up to 110% of the “after improved value” of the home, leaving an ample budget for repairing walls and windows, replacing large appliances, or even adding a second floor onto a single-story home!

Is a FHA 203K Loan right for you?

Speak with one of our experienced senior loan officers today about your loan options.

Choosing the Right Loan

Scenario 1

Christine began her house-hunt with one priority in mind: Good neighborhood schools for her children to attend. As her search went on, however, she began to worry that with her budget, she would have to choose between a good school district and a home with a roof that didn’t leak. Fortunately, an FHA 203K loan provided a way for her her family to enjoy both.

Eligible Repairs and Improvements

A wide range of home renovation work is eligible for financing through this program:

  • Structural repairs or renovation
  • Bathroom and kitchen remodeling
  • Appliances, plumbing and HVAC systems
  • Decks, patios and landscaping
  • New flooring, siding, and roofing
  • Energy-conservation improvements
  • Interior and exterior painting
  • Major home additions