Loan Program
FHA 203(k) Rehab Loan
Buy and renovate with one loan
What is a FHA 203(k) Rehab Loan?
The FHA 203(k) loan allows homebuyers to purchase a home that needs repairs or improvements while financing both the purchase and renovation costs in a single mortgage. There are two versions: the Standard 203(k) for major renovations exceeding $35,000, and the Limited 203(k) for smaller projects up to $35,000. This program is ideal for buyers who want to purchase a below-market fixer-upper and build instant equity through improvements.
Key Features
- Finance purchase + renovation in one loan
- Standard 203(k) for major projects ($35k+)
- Limited 203(k) for smaller projects (≤$35k)
- FHA-approved contractor required
- Funds held in escrow, disbursed at milestones
- Can include appliances and landscaping
Requirements
- Minimum $5,000 in eligible renovations
- Owner-occupied primary residence only
- FHA-approved consultant required for Standard
- Licensed, bonded contractor required
- Work must be completed within 6 months
At a Glance
Min. Down Payment3.5%
Min. Credit Score580
Best For
- Buyers targeting fixer-uppers
- Buyers seeking below-market properties
- Those wanting to customize a home
- Buyers with limited cash for separate renovation loans
Ready to Apply?
Get pre-approved in as little as 24 hours. No obligation.
Start Application Call +1 (305) 705-2030Other Programs
Take the First Step
Ready to Find Your
Perfect Loan?
Whether you're buying your first home, upgrading, or refinancing, our team is ready to guide you. Getting pre-approved takes less than 10 minutes.
No obligation. No credit pull required for pre-qualification.