Renovation financing to turn your house into your dream home

FHA's 203K loan program is designed to finance the purchase and renovation of your home,all in one loan.

Is a 203K Loan Right for You?

  1. Buy a "Fixer-upper" or REO property needing renovation
  2. Get funds to both purchase and upgrade your dream home
  3. Refinance and renovate your existing home

Advantages of 203K

  • Loan amount based on the future value after renovations
  • Only one loan needed to both purchase and improve
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing

What Is A FHA Rehabilitation Loan?


The Federal Housing Administration’s (FHA) 203k Rehabilitation Loan or “Streamline K” is an easy to use mortgage program specifically designed for those who wish to make improvements on a home they own, or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home you love because you don’t have the cash for home improvements), the Streamline 203K rehabilitation loan allows you to finance these costs — up to $35,000 — within your FHA mortgage or refinance itself.


What Home Improvements Can I Make with a 203K Loan?


A Streamline 203k loan allows for a wide variety of home improvements to be performed on a home. It’s intended for simple repairs, light remodeling, and upgrades (including money saving energy efficient upgrades).

There is NO MINIMUM amount you must borrow. Therefore, your 203K rehabilitation loan can refinance as little as $1 and as much as $35,000 worth of improvements. It’s up to you.


Here are just a few of the improvements you can perform:

  • Repair, replace, and upgrade roofs, gutters, downspouts
  • HVAC systems (heating, vacuum, and AC)
  • Plumbing and electrical systems
  • Flooring, exterior decks, patios, and porches
  • Minor remodeling that does not involve structural repairs (ie. kitchen, bathroom or basement)
  • Interior and exterior painting
  • Weatherization, including doors, windows, insulation, stripping, etc
  • Appliance purchase & installation (ie. kitchen appliances, washer, dryer)
  • Energy efficient upgrades
  • Lead-based paint removal & stabilization
  • Exterior wall re-siding
  • And more!

How does a 203k Loan Work?


The beauty of the 203k is its simplicity.

When you take the loan out, the money is put into an escrow account and the contractors hired to do the repairs are paid up to 50% of the cost up front. When they finish the work — like with any manner of construction — they are paid the balance.

Work financed through a 203k loan must be started within 1 month of closing, completed within 6 months, and may not require architectural plans.