Conventional & Government
Government — FHA Renovation
FHA 203(k) Renovation
FHA's purchase-plus-renovation loan. Standard (structural) and Limited (cosmetic) variants.
Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.
580
Min FICO
97%
Max LTV
full doc
Docs
Ideal borrower
FHA-eligible buyers of properties needing repairs.
Program highlights
- Standard: structural repairs, additions, major rehab
- Limited: up to $35,000 in non-structural repairs
- Single closing covers purchase + renovation
- 3.5% down on as-completed value
Typical uses
- Distressed property purchase
- REO rehab purchases
Frequently asked questions
- What's the difference between FHA 203(k) Limited and Standard?
- The Limited 203(k) caps repair costs at $35,000 and covers non-structural cosmetic improvements — paint, flooring, appliances, cosmetic kitchen/bath updates. The Standard 203(k) has no dollar limit (within FHA loan limits) and allows structural changes, additions, and full gut renovations.
- Can I live in the house during renovation?
- The 203(k) loan allows up to 6 months of financed mortgage payments during renovation if the property is uninhabitable. If it's habitable, you move in at close and the work happens around you. Plan timing carefully on large-scope renovations.
- Who oversees the renovation work on a 203(k)?
- An FHA-approved consultant is required on Standard 203(k) files (not Limited). The consultant prepares the work write-up, inspects draws, and coordinates with the lender. On Limited 203(k) you work directly with the lender and a licensed general contractor.
Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.