FHA 203k Loan

The FHA 203(k) is a Rehabilitation Loan Program that provides funds for both the purchase and renovation of a home. There are two types of FHA 203(k) loans. The first is a standard 203(k) which is used for properties that need major remodeling or structural repairs. The second is the Limited 203(k) which is commonly used for new roofing, new appliances, or cosmetic repairs such as painting. The minimum Loan Amount is $5000.