The FHA 203K Renovation Home Improvement Loan

FHA loans have helped home buyers and home owners for decades and best of all you don’t have to be a first time home buyer. The FHA 203K home renovation loan is for anyone who will be purchasing or refinancing a property as long as it will be owner occupied.

One Mortgage Loan
+ Funds For Improvements
The FHA 203K

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Select Your State for your 203k Specialist and resources

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Here is a quick breakdown of what the FHA 203k Loan is and what it can do for you whether you're in the market to purchase or refinance your home.

No Need for A Second Mortgage or Home Equity!

	One FHA Loan!
	One Interest Rate!
	With funds for repairing, renovating and modernizing your property.

No Need for a Large Down Payment or Lots of Equity!

	The minimum down payment is 3.5% which is the same as a regular FHA Loan without renovations.
	You can refinance your home with an FHA 203k with minimal equity and include all cost into the loan. If the new loan amount is not enough to cover paying off your current mortgages, improvements and cost then funds can be brought in to close.

FHA 203k Loan Requirements

FHA loans have flexible guidelines to help you qualify compared to other types of mortgages.

	Documented income is needed.
	Low to no reserves are allowed.
	Gift funds are allowed.
	Lower credit scores in the 600 range are acceptable but can vary from lender to lender.

Types of FHA 203k Loans

There are two types of 203k Loans to choose from:

	203K Streamline is used for minor or cosmetic home improvements under $35,000 .
	203k Standard (full version) is used for major projects over $35,000. This type of loan covers just about any type of improvement needed for your property as long as the property is one year or older.

FHA 203k Loan Limits

FHA loan and 203k loan limits are the same regardless of the transaction whether it's a purchase or refinance. Maximum loan limits:

	Are only limited by the county loan limit where the property is located.
	Include the improvements along with the costs associated with those improvements.

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