A 203k loan is a renovation loan that allows homebuyers to finance both the purchase of a home and the cost of repairs, into one single mortgage. Homeowners can also finance the rehabilitation of their current home. Limited 203k (formerly known as a streamline) will allow you to repair minor work, such as kitchens and bathrooms.  Standard 203k can finance major renovations, including structural changes, and additions.

• Single-family
• Multi-family (up to 4 units)
• Condos (if they’re FHA approved) and only interior repairs are allowed.

• Evaluate systems of the home and outline safety or structural issues that will be required to be repaired.
• Review bids from the contractors.
• Create the initial work write-up and SOR.
• Provide documentation that repairs are complete so funds can be disbursed.
• Ensure the repairs are being done on time and professionally.

• Interior/exterior repairs
• Mechanical improvements
• Structural changes
• Additions
• Septic improvements
• Landscaping
• Site, grading, or drainage improvement
• Accessibility upgrades