FHA Buying a ‘Fixer-Upper’ (FHA 203k)
Fund a home purchase and renovations under one mortgage.
FHA Funds for Handyman-Specials & Fixer Upper
The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single family properties. The FHA 203K program allows borrowers to add funds to a new FHA Purchase Mortgage or to secure funds for rehabilitation, home improvements or repair work to someone who already has a home mortgage using a Streamlined 203K Loan.
If you have passed up buying homes that require cosmetic repairs for lack of funds to fix them up,the FHA has a program for you. The FHA 203K loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed contractor if it falls out of the borrower’s area of expertise.
Here is a list of just some repairs / improvements approved by HUD::
- Roofs, gutters and downspouts
- HVAC systems (heating, venting and air conditioning)
- Plumbing and electrical
- Minor kitchen and bath remodels
- Flooring: carpet, tile, wood, etc.
- Interior and exterior painting
- New windows and doors
- Weather stripping & insulation
- Improvements for persons with disabilities
- Energy efficient improvements
- Stabilizing or removing lead-based pain
- Decks, patios, porches
- Basement completion and waterproofing
- Septic or well systems
- Purchase of new kitchen appliances or washer / dryer
Security
FHA Specialist
Your information will be forwarded to an FHA Specialist (US Licensed by NMLS) based upon:
Individual State
Estimated Loan Amount
Your Estimated Credit (Fair, Good or Excellent)
Processing Times
Currently most applications are processed within 2 to 4 hours.
Your FHA Pre-Approval Letter is usually valid for up to 180 Days.
Receive your FHA Pre-Approval Letter
A FHA Pre-Approval Letter is a statement asserting that you are approved for a specific loan amount.
Pre-Approval Letter will be sent via secure Email and US Postal Service.
Most Real Estate Agents require this letter when attending an open house or making an appointment, so keep it in a safe place.
