Renovation
FHA 203(k). Buy it, fix it, one loan
Roll the cost of repairs and upgrades into the same FHA loan, with a low down payment. We shop it with 130+ lenders.
What an FHA 203(k) loan is
An FHA 203(k) loan combines the purchase or refinance with the cost of renovations in a single loan.
Like other FHA loans it offers a low down payment, and the renovation funds are paid out as the work is completed.
Who it fits
- Buyers who found a home that needs work
- Homeowners who want to renovate and refinance
- First-time buyers on a budget
- Buyers in neighborhoods where move-in-ready homes are scarce
The steps
How it works with us
- Tell us about the homeThe property and the work you want done.
- One soft pullWe check your credit once, without affecting your score, and shop the file with 130+ lenders.
- Plan the projectWe line up the contractor bids and renovation budget with the lender's requirements.
- CloseWe keep the appraisal, lender and title moving, and get you to closing.
Get ready
What to have on hand
You don't need all of it to start. The application tells you what's missing.
- Photo ID for everyone on the loan
- Pay stubs covering the last 30 days
- W-2s for the last two years
- Bank statements for the last two months
- Purchase contract or current mortgage statement
- Contractor bids for the planned work
Questions
Good to know
What can a 203(k) pay for?
Repairs and upgrades such as kitchens, baths, roofs and systems. The lender reviews the plan.
Is the down payment the same as a regular FHA loan?
FHA loans start at as little as 3.5% down. We'll confirm what applies to your project.
Can I refinance with a 203(k)?
Yes. Homeowners can refinance and roll renovation costs into the new loan.
Do I need a contractor?
Yes. Licensed contractor bids are part of the process.