(702) 580-5069 NMLS # 557025

(702) 580-5069 NMLS # 557025

Company NMLS# 1133463

(702) 580-5069 NMLS # 557025

Company NMLS# 1133463

FHA 203k loans

Have you ever wondered if you could get a loan for a fixer-upper without having an immense amount of capital? There’s another type of FHA loan out there for you! A 203k loan is exactly that and allows buyers to roll the costs of the renovation into your mortgage! So, buyers can either refinance or freshly purchase a home that requires larger renovations and get a loan that covers both! Before you get too excited though — it’s important to note that more luxurious renovations like a pool, for example, are not covered under a 203k loan.

If a home that you’re considering buying, or maybe currently own, needs a new bathroom or laundry room, etc. but the price of the home plus the renovations is out of reach — that’s where a 203k loan steps in. Because this loan is still an FHA loan, down payment requirements can be minimal and therefore, doable.

There are two main types of 203k loans — limited/streamline and standard.

A limited/streamline loan offers up to 35,000 for repairs and renovations as long as they are not large structural repairs.

A standard loan does allow for major structural repairs, the repairs must be at least $5,000 dollars, and buyers must work with a HUD consultant during the renovation process.

Sound too good to be true? Here’s how it works! In most cases, the loan functions in one of two ways:

The loan provides breathing room or funds up to six months or so of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home. Large renovations and where to live is the biggest issue homeowners face and this provision solves that!

Up to 20% contingency reserve just in case the estimated cost for revision is low (another common issue)

If a 203k loan sounds like it solves your problems — sit down with your lender and let’s talk about the details!

Find your dream home and make it a

reality with our flexible mortgage


Home Refinance

Refinancing doesn’t have to be confusing.

We can help you refinance with ease.

Home Equity

Using your home’s equity to your

advantage can help you in many situations.

See how we can help.

About Us

We work with clients from all over.

Get in touch with us!

Merit Lending

9960 W Cheyenne Ave

Las Vegas, NV 89126

Company NMLS# 1133463




All Communities

Today’s Rates

Loan Options

Free Tools




Protected by The Digital Millennium Copyright Act of 1998

Privacy Policy

Contact Us

Joshua Nieves

NMLS # 557025

Cell: (702) 580-5069


View All Communities Log in © 2023Joshua Nieves