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Go From Fixer-Upper to Fabulous with an FHA 203(k) Loan

Let us help you transform a property with potential into your dream home.

FHA 203(k) Renovation Loans


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.

Two Types of 203(k) Loans


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)

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.*

  • 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

Speak to an expert from First Heritage Mortgage for a full list of eligible home improvements and full program details.

FHA Limited 203(k)

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.

  • 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

Speak to an expert from First Heritage Mortgage for a full list of eligible home improvements and full program details.

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Start Planning Your Project Today

Talk to an Expert

* 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.

Get In Touch

3201 Jermantown Road, Suite 800

Fairfax, VA 22030

Phone: 703.352.0721

Toll-Free: 866.833.LOAN

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