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203K Loan

Now your home purchase can include its renovation and repairs

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What’s a 203K loan?

You may have heard about 203K loans. A 203k loan, also known as an FHA 203k loan, is a specialized type of mortgage that can help you finance both the purchase of a home and the cost of its renovation or repairs. This loan program is administered by the Federal Housing Administration (FHA) and is designed to assist homeowners and homebuyers in improving their properties.

The Section 203(k) program is FHA’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization, as well as to expand homeownership opportunities.

For Qualified Borrowers

  • Combines a renovation loan with primary mortgage
  • Get lower rates based on the value of your home after the renovations
  • Pay early without penalties
  • Limited to $35,000 loan limit

Eligible Properties

  • A family home / owner occupied
  • A condominium unit
  • A manufactured housing unit built on a permanent foundation

203K Loans are being made available in: New Jersey, New York, Connecticut, Maryland, Virginia

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