203(k) renovation loans are designed to help borrowers finance home repairs plus the purchase or refinance of a primary residence. Backed by the Federal Housing Administration (FHA), these loans allow a variety of home improvements and feature as little as 3.5% down payment plus low closing costs.
We offer two FHA 203(k) products to fit your needs: the FHA Standard 203(k) program and the FHA Limited 203(k) program.
This 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.*
Commonly financed projects include:
Speak to an expert from First Heritage Mortgage for a full list of eligible home improvements and full program details.
This 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.
Commonly financed projects include:
Speak to an expert from First Heritage Mortgage for a full list of eligible home improvements and full program details.
* Total value of property must fall within the FHA mortgage limit for the area. The value of the property is determined by either (1) the value of the property before rehabilitation plus the costs of rehabilitation, or (2) 110 percent of the appraised value of the property after rehabilitation, whichever is less. Learn more at https://www.hud.gov/program_offices/housing/sfh/203k/203k–df. Look up FHA mortgage limits by area at https://entp.hud.gov/idapp/html/hicostlook.cfm.
First Heritage Mortgage, LLC is not affiliated with the United States Department of Housing and Urban Development, the Federal Housing Administration, nor any other governmental agency.
