FHA 203K 'Fixer-Upper' MortgageAdd up to $35,000 to your loan to repair, improve, or upgrade your home.
The FHA 203(k) 'Fixer-Upper' Loan is a government-backed mortgage designed to help homebuyers purchase and renovate a fixer-upper with a single loan. Offered by the Federal Housing Administration (FHA), this loan is ideal for buyers looking to invest in a property that needs repairs or modernization but may not qualify for traditional financing. One of the biggest advantages of the FHA 203(k) Loan is that it combines the purchase price and renovation costs into one mortgage. Instead of taking out separate loans for the home purchase and renovations, buyers can finance the total amount with a low down payment - typically as little as 3.5%. This makes it an attractive option for first-time buyers or those with limited savings. There are two types of FHA 203(k) loans: Standard and Limited. The Standard 203(k) is for major renovations, such as structural repairs or room additions, requiring a minimum of $5,000 in work. The Limited 203(k) is for minor repairs, like flooring or kitchen updates, with a cap of $35,000. This loan is a great way to turn a distressed property into a dream home, making homeownership more accessible while revitalizing neighborhoods in the process.. Some of these features include:
The important step in purchasing a new home is to get an FHA Pre-Approval Letter for a home loan. The peace of mind that comes with knowing that your mortgage loan has been approved will allow you to shop for your new home with confidence. And when you are ready to make an offer, the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer. |
FHA Loan Information
Note- The FHA (Federal Housing Administration) does not lend money. The FHA is part of HUD & backs individual FHA Approved Lenders.
Our mission is to help you find the best FHA Approved Lender who can help you secure financing.
When you fill in our short application we will provide your information to one, (and only one) FHA Approved Lender who can help you based upon many factors, including your State, the type of FHA Loan, and your Credit History.
FHA News 2025
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The FHA Weekly mortgage demand surges 11% higher, as interest rates dropped for the sixth straight week. The FHA is part of HUD & backs individual FHA Approved Lenders.
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HUD Announces Changes to FHA Multifamily Mortgage Insurance Programs Home Loan: FHA to increase individual loan proceeds available to create new or refinance existing affordable multifamily rental properties and create new or substantially rehabilitate properties that provide rental opportunities for middle-income individuals and families.
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FHA Proposes Looser Boarder Income Requirements For Qualifying Borrowers:These proposed changes include reducing the acceptable rental income history from two years to 12 months and expanding the types of acceptable income verification documentation
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Down payment assistance programs remain underutilized, despite high eligibility among borrowers:the Quarterly Report to Congress from the U.S. Department of Housing and Urban Development (HUD) on the Federal Housing Administrations Single-Family Mutual Mortgage Insurance Fund, only 58.46% of the loans the agency endorsed were originated without the borrower receiving help for a down payment,
