FHA 203(k) Rehab Loan
One loan covers the purchase price, the renovation budget, and up to 12 months of your mortgage payments — so you can build equity while the work gets done, without paying rent on top of it.
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Figures are for illustration only. Your numbers depend on the property, your credit, and lender guidelines.
Turnkey homes are priced for buyers who aren't there anymore. Meanwhile, the houses that are in reach usually need work — work most buyers can't afford on top of a down payment and a mortgage.
The FHA 203(k) loan was built for exactly this gap. It lets you finance the purchase and the renovation in a single loan, and — for properties that won't be livable during construction — roll in up to 12 months of mortgage payments so you're not paying rent and a mortgage at the same time.
Even a property that wouldn't qualify for a conventional loan as-is. Condition isn't a dealbreaker — it's the opportunity.
Purchase price, rehab budget, and — where the home isn't livable during work — up to 12 months of mortgage payments, all in a single FHA-backed loan.
Your reserve covers the mortgage while the work happens. No rent. No second housing payment. Just equity building from day one.
First-time buyers priced out of turnkey homesA lower purchase price on a fixer-upper can open up inventory a "move-in ready" budget can't touch.
Buyers who want it built their wayChoose the finishes and layout instead of paying new-construction prices for someone else's choices.
Anyone ready to build sweat equityRenovation dollars in now can mean real appraised value out later.
Primary-residence buyersThe 203(k) is a homebuyer program — the home has to be where you live, not a rental you own.
It's an FHA-backed mortgage that lets you finance a home's purchase price and its renovation costs in one loan, instead of taking out a separate loan for repairs after closing.
No — 203(k) loans follow standard FHA guidelines, which are generally more flexible than conventional loans. Your exact qualification depends on your full financial picture.
Everything from cosmetic updates to structural work, roofing, electrical, plumbing, and additions, depending on which 203(k) option (Limited or Standard) fits the project.
The mortgage-payment reserve applies specifically to homes that aren't safe or livable during construction — it's built into the loan so you're not covering rent and a mortgage at once.
Timelines vary by lender and project scope. The fastest way to get a real answer is to send over your numbers — that's exactly what the form below is for.
Send over a few details and I'll walk you through what a 203(k) could look like for your situation, including a real numbers breakdown like the one above.
By submitting, you agree to be contacted about your home financing options. This is not a loan commitment. Loan programs, rates, and approval are subject to lender guidelines and borrower qualification.