Loan Options • FHA 203(k) Loan
FHA 203(k) renovation loans
Buy or refinance a home and finance the repairs in one FHA-insured loan, with one application and one closing.
★★★★★ 5.0 on Google from 160+ clients | Company NMLS #1835856
At a glance
- Purchase or refinance plus repairs in one loan
- Limited 203(k) for smaller, non-structural projects
- Standard 203(k) for major renovations and structural work
- Flexible FHA credit guidelines and low down payment options
Talk with a licensed loan officer
Is it right for you?
Who it’s for
An FHA 203(k) loan is a good fit if you have found a home that needs work, or you want to update your current home, and you would rather finance the repairs with your mortgage than pay out of pocket or take a second loan. It is a primary-residence program.
Good to know
- Repairs must be done by licensed, insured contractors with written bids.
- Repair funds are held in escrow and released as the work is completed and inspected.
- FHA mortgage insurance and FHA loan limits apply.
How it works
- Talk with usA quick, no-pressure call about your goals and budget.
- Apply onlineA secure application you can finish in minutes.
- Review your optionsClear numbers side by side so you can choose with confidence.
- CloseRegular updates from approval to the closing table.
FAQs
Common questions
What is the difference between a Limited and a Standard 203(k)?
A Limited 203(k) is designed for smaller, non-structural repairs and updates. A Standard 203(k) covers larger projects, including structural repairs, and requires a HUD-approved 203(k) consultant to oversee the work.
Can I live in the home during renovations?
Often, yes, depending on the scope of work and whether the home is safe to occupy. Your loan officer will help you plan for this.
Can I use a 203(k) loan to refinance?
Yes. Current homeowners can use a 203(k) refinance to finance improvements to the home they already own, subject to FHA guidelines.
This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Not all applicants will qualify. Terms and programs may change without notice. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity. Licensing & Disclosures.
Related loan options
Ready to see your numbers?
Answer a few quick questions and a local loan officer will follow up with your options.