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Loan guide

FHA 203(k) renovation loan

Buy (or refinance) and renovate with one FHA loan. Best for: Buyers who want a fixer-upper, and owners who want to refinance and remodel together.

Key facts

  • Combines the purchase price and the renovation budget in one mortgage.
  • Limited 203(k): for non-structural work, currently up to $75,000 of repairs.
  • Standard 203(k): for major or structural work, with a HUD-approved consultant overseeing it.
  • FHA down payment and credit rules apply (3.5% down with 580+).

Pros

  • One loan and one closing
  • Low FHA down payment
  • Opens up homes other buyers pass on
  • Can refinance and remodel in one step

Cons

  • More paperwork and a longer process
  • Contractors must be approved and bids reviewed
  • FHA mortgage insurance applies
  • Standard 203(k) needs a consultant
Check if I qualify Compare with other loans Mortgage payment

More detail: LoansAndHouses.com loan programs

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Common questions

Who is a FHA 203(k) loan best for?

Buyers who want a fixer-upper, and owners who want to refinance and remodel together.

What are the main pros and cons of a FHA 203(k) loan?

Pros: One loan and one closing; Low FHA down payment; Opens up homes other buyers pass on; Can refinance and remodel in one step. Cons: More paperwork and a longer process; Contractors must be approved and bids reviewed; FHA mortgage insurance applies; Standard 203(k) needs a consultant.

Figures checked October 2026 and subject to change. Loan limits are updated each January. Program rules, eligibility and pricing vary by lender and borrower. Not a commitment to lend. Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

Your next step

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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