FHA 203K Purchase & Fix Loan
ADD THE REHAB COSTS INTO YOUR LOAN
What Is An FHA 203K Fixer Upper Loan
- A Way To Purchase a home with the improvements paid for
- Home purchase loan and rehab costs rolled into one loan
- Streamlined loan application
Key Benefits Of An FHA 203K Fixer Upper Loan
- Convenient way to finance your home improvements without the need for perfect credit, huge down payments, or high interest rates
- Buy a home that’s usually listed at a lower price due to the older existing condition
- Great interest rates for your rehab in one loan
- Qualifications may be more lenient than for a conventional loan because FHA insures your mortgage
- A minimum down payment of 3.5% means you won’t deplete your savings trying to come up with a down payment
How Do I Qualify For An FHA 203K Fixer Upper Loan
- Find a property that may need repairs or updating
- Your credit score must be at least 620 or 640 depending on the lender
- Your maximum debt to income ratio needs to be 41 to 45%
- You need a minimum down payment of 3.5%
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Types Of FHA 203K Fixer Upper Loans
- Streamlined Limited Loan
* Loan for repairs is capped at $35,000
* Good for major repairs
* Renovations must improve the homes value
* Improvements are limited to non luxury items (No swimming pools) - Standard FHA 203K Loan
* There is no limit on the amount of repairs
* You are required to work with a HUD approved consultant for inspections
* You can finance up to 6 months of mortgage payments in the event you are displaced
Frequently Asked Questions
Most frequent questions and answers
In addition to determining the value of the home, the appraisal will make sure that the home is in decent condition, and is generally compliant with FHA minimum property standards. However, since the FHA 203k loan includes money for repairs, borrowers may be able to purchase a home that is not compliant, as long as they plan to bring it into compliance during the renovation process. FHA minimum property standards include:
Decent quality home construction
Exterior walls must be in good condition
Access to clean and safe drinking water
Safe and and public access to the property
Home must have adequate drainage system
Availability of water, gas, sewage, and electric utilities
Electric wiring needs to be safely enclosed
Any and all crawl spaces must have natural ventilation
Home should be free of hazards
Lead-based paints must not be present
Purchase a home with the improvements paid for.
Convenient way to finance your home improvements without the need for perfect credit, huge down payments, or high interest rates
- Upgrade your home with your style and needs
- Buy a home that’s usually listed at a lower price due to the older existing condition
- Great interest rates for your rehab in one loan
- Come with a low down payment
- A minimum down payment of 3.5% means you won’t deplete your savings trying to come up with a down payment
- Qualifications may be more lenient than for a conventional loan because FHA
insures your mortgage.
Any owner occupant primary residence borrower or qualified non-profit group who qualifies for an FHA loan can also qualify for an FHA 203k Loan. No investor purchases using the FHA 203k loan have been allowed since 1996.
Yes, you can refinance your existing mortgage into either version of the FHA 203k loan. The FHA 203k loan is also available for mortgage refinance transactions for those where the property is owned free-and clear. For the FHA 203k Limited Loan, only credit-qualifying “no cash out” refinance transactions with an appraisal are eligible. If the borrower has owned the property for less than a year, the acquisition cost must be used to determine the maximum mortgage amount. The requirement to use the lowest sales price within the last year does not apply to the FHA 203k Limited Loan.
No. The borrower must be a primary residence owner occupant or a qualified non-profit group. Since 1996, there has been a moratorium on non-owner-occupied investors using the FHA 203k loan (Mortgagee Letter 95-97). See Fix & Flip Loans for Fix and flips.
However, the 203k is eligible to be used on 1-4 family dwellings. So, if a 203k borrower uses a 203k loan to purchase and renovate a multi-family dwelling, the non-owner-occupied unit(s) are permitted to be rented out. So, as long as the borrower will occupy at least 1 of the units of a multi-family dwelling (4-unit max), FHA still considers this borrower an owner-occupant even though the borrower rents out the remaining units.
Like other kinds of FHA loans, 203k loans only require a single appraisal, which must occur before the loan closes. However, unlike most other FHA loans, the appraiser will usually prepare two reports. The first report will detail the appraised value of the property as is, while the second report will detail the estimated value of the property once the planned repairs have taken place. And, also unlike other FHA loans, the appraiser will typically need to come back at the end of the renovation process to conduct a final inspection. This will ensure that the work has been done properly and that the results are consistent with the appraiser’s initial post-rehab value estimate.
The contractors are paid in a series of draws by the borrower’s lender through escrowed funds. At closing, the lender places the rehab/improvement funds into an escrow account. More detailed information is available in the 203k Contractor Education Course.
FHA 203k Limited: $0 minimum – $35,000 maximum*
FHA 203k Standard: $5,000 minimum – no pre-set maximum*
Any owner occupant primary residence borrower or qualified non-profit group who qualifies for an FHA loan can also qualify for an FHA 203k Loan. No investor purchases using the FHA 203k loan have been allowed since 1996.

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