These programs are specifically designed for those who wish to repair, improve, or upgrade an owner-occupied home they own or would like to buy.

The FHA 203(k) allows homeowners to finance rehab costs within a single mortgage — rather than having to obtain a separate loan to finance the cost of repairs or walking away from a home because you don’t have the cash for home improvements. This program covers one- to two-family homes as well as FHA-approved condominium projects, planned unit developments (PUDs), and manufactured housing. There are two different 203(k) programs: Standard and Limited. Either program can be used in conjunction with the FHA GNND and FHA $100 Down. Limited can also be used in conjunction with HUD REO Repair Escrow Programs.

STANDARD 203(k)
The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structural repairs.  There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.

PROGRAM HIGHLIGHTS
■ Structural changes are allowed
■ $5K minimum and no maximum repair amount
■ Landscaping and hardscaping allowed
■ Max completion time: 180 days (6 months)

LIMITED 203(k)
The Limited 203(k) may be used to purchase or refinance a home that needs minor remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is not required and there is no minimum rehabilitation cost.

PROGRAM HIGHLIGHTS
■ Minor remodeling
■ No minimum and up to $35K in repair amount
■ Properties located in Qualified Opportunity Zones (QOZ)
may have total renovation costs up to $50K
■ HUD consultant is not required
■ Max completion time: 90 days (3 months)