FHA 203K Loan

The FHA 203k loan program is the primary program for the rehabilitation and repair of single family properties. Basically, it's nothing more than a home improvement loan. 

This is a terrific tool for community and neighborhood revitalization and for expanding home ownership opportunities.

You can successfully use the FHA 203K Program to make many improvements to your primary residence. It is basically, a construction loan for improvement to existing properties.

The qualifying principals are no different than standard FHA Purchase loan guidelines.

Where to Use a 203K Loan

This FHA loan program can be used to accomplish rehabilitation and/or improvement of an existing HUD approved property:

· To purchase a property and the land on which it is located and rehabilitate it.

· To purchase a property on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

· To refinance existing home owner debt and make one or multiple home improvements to the home owners property;