Purchase
FHA 203k Loan
Buy a home and finance repairs or renovations in one loan.
What it is
An FHA 203k lets you roll the cost of repairs or upgrades into your mortgage, so you can buy a fixer-upper and make it your home.
Who it's great for
- Older homes that need work
- Buyers who want to customize
- Homes that won't pass a standard appraisal as-is
Key features
- Purchase plus renovation in one loan
- Low down payment
- Limited and standard options
General requirements
- FHA guidelines apply
- Contractor bids and scope of work
- Primary residence
- Possible HUD consultant on larger projects
General guidelines only. Every loan is subject to credit approval, underwriting and property review. Not a commitment to lend.
Common Questions
What can I renovate?
Kitchens, baths, roofs, flooring, systems and more. Luxury items like pools are excluded.
Can I do the work myself?
Generally no. Licensed contractors are required.
Does it take longer?
A bit, because of bids and inspections. I'll keep things moving.
Is there a refinance version?
Yes, you can use a 203k to refinance and renovate.
Is a FHA 203k Loan Right for You?
Let's talk about your situation. Honest answers, no pressure.
NMLS #172296 | Licensed in Colorado