If you can’t find a home to meet your needs, you may consider rehabilitating an existing home to fulfill your dreams with our Purchase Renovation Loan Education class. HUD’s 203(k) Mortgage Insurance Program allows any approved FHA lender to make loans that allow a homebuyer to both purchase the home and pay for renovations in the same loan.
There are two types of 203(k) loans:
203(k) Standard – For renovations greater than $35,000. Examples include additional rooms, total plumbing replacement, major chimney repairs, and major repairs to roofs, kitchens, or baths.
203(k) Streamlined – For renovations less than $35,000. Examples include minor repairs to roofs, gutters and downspouts, interior and exterior painting, minor plumbing and electrical repairs, new flooring (including carpet, wood and tile), and minor kitchen and bath remodeling.