Finance Home Repairs or Remodels at Closing with an FHA 203(k) Renovation Loan
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1 203(k) Limited loans are limited to $35,000 for repairs or renovation. 203(k) Standard repair amount is based on the purchase price plus repairs or 110% of the after-approved value, whichever is less. Must include fees, contingency reserve, and repairs.
2 Up to an additional $8,000 may be available. Examples of qualifying improvements include central heating/cooling, replacing wall heating units, test and seal ductwork, dual pane or low-E windows and sliding doors, exterior doors and sunscreens, attic and wall insulation, and water heater replacement.
3 Structural repairs or improvements qualify on the 203(k) Standard only.
4 Applies to the 203(k) Standard program only, and requires that existing foundation remains intact.
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