FHA 203(k) Construction & Renovation Lender Programs
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FHA 203(k) Renovation Program
The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) loans are designed to help borrowers finance home repairs plus the purchase or refinance of a primary residence. These loans allow a variety of home improvements and feature as little as 3.5% down payment plus low closing costs.
What Are Some Additional Benefits of the FHA 203(k) Program?
In addition to low down payment costs and the option to purchase or refinance, FHA 203(k) loans offer:
- Flexible qualifying criteria
- Different options allow for projects ranging from small cosmetic repairs to major remodeling and structural renovations
- Mortgage +Plus℠ down payment protection coverage from First Heritage
- Mortgage included at no additional cost on purchase transactions.
We offer two FHA 203(k) products to fit your needs: The FHA Standard 203(k) program and the FHA Limited 203(k) program
FHA Standard 203(k) & FHA Limited 203(k)
FHA Standard 203(k)
Our FHA Standard 203(k) program provides flexible financing for major renovations to be made on a new or existing home. The minimum repair amount is $5,000, and there is no set limit for maximum cost of repairs.*
- Roll 6 months of payments into the loan
- Eligible projects range from cosmetic updates to major structural renovations and full additions
- Available for purchase or refinance
- Loan amounts up to 110% of the home’s after-improved appraised value
Commonly financed projects include:
- Full remodeling of kitchens or bathrooms
- Structural alterations and additions
- Major landscaping work and site improvements
- Permanent improvements to the home
- Interior and exterior paint
- New carpets or flooring
- Plumbing repairs or replacement, including well or septic system installation
- Energy efficient upgrades
Appliance replacements or upgrades
Window and door replacements
Add or replace roofing, gutters, and downspouts.
FHA Limited 203(k)
Our FHA Limited 203(k) program is designed to finance new and existing homes that can be remodeled, repaired, or updated for $35,000 or less. There is no minimum renovation cost requirement, so even minor home improvements can be covered.
- Quickly and easily tap into cash to pay for minor property improvements
- Great for cosmetic repairs or upgrades
- Available for purchase or refinance
- Loan amounts up to 110% of the home’s after-improved appraised value
Commonly financed projects include:
- Cosmetic remodeling of kitchens and bathrooms
- Interior and exterior paint
- New carpets or flooring
- Plumbing repairs
- Energy efficient upgrades
- Appliance replacements or upgrades
- Window and door replacements
- Replacement and repair to roof, gutters, or downspouts
Additional Renovation and Construction Loans
Looking for other options? We offer a number of loan programs that cover minor changes to major rehabilitation, all included in one mortgage payment.
Our conventional renovation loans enable you to save time and money by financing the purchase or refinance of a home plus the cost of improvements into a single loan. With as little as a 5% down payment, you can make necessary repairs or add your own style with projects like a new kitchen or bathroom, energy efficient upgrades, or luxury features like a pool or sauna.
Our Jumbo Renovation Financing is a great fit for those planning a major renovation like a full addition, or for those who already know the value of your home is above the conforming loan limit in your area. We offer one-time close and two-time close construction loans.
Speak to an expert from First Heritage Mortgage for a full list of eligible home improvements and full program details.
Connect With A Loan Officer
Ready? Let’s get started.
Get in touch with our team of FHA 203(k) renovation loan experts to learn more about the loan option that’s best for you.
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