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FHA 203k loan

Invest in a better future with a home improvement loan.

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Get a deal when buying an older home that needs some work.
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Finance the purchase and renovation costs through a single mortgage.
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Build home equity quickly.

 

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  • Install new flooring, remodel the kitchen, or fix the gutters.
  • Add a room, repair the roof, and replace the plumbing.
  • No dollar limit for the repairs as long as your loan amount isn’t more than the FHA limit.

  1. Get pre-approved.
  2. Find a home.
  3. Choose a contractor.
  4. Accept the final loan approval.
  5. Close on the purchase.
  6. Complete the repairs.
  7. Move in.

Find out how to buy a home and fix it with an FHA 203(K) mortgage. Get a free copy of our step-by-step guide that breaks it down, making the FHA 203k loan easy to understand.

 
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Ask questions, get straight answers, and find out how to start on your home loan.

  • Borrow up to 110% of the home’s future value after completing the improvements.
  • Keep the amount within the FHA loan limits.
  • Receive up to $472,030 to buy and renovate a single-family, condominium, or townhome. Or take a larger loan for a multi-unit property.
Property type FHA loan limits 2023
Single-family, condo, or townhome
$472,030
2-unit, multi-family home
$604,400
3-unit, multi-family home
$730,525
4-unit, multi-family home
$907,900
Property type Minimum down payment as a percent of the purchase price
1-to-4 units: single-family, condo, townhome, or multi-famly home
3.5%

Frequently asked questions about FHA 203k loans

Can I do the repairs myself with an FHA 203k loan?

Do FHA 203k loans cost more?

Can I use the 203k loan to buy and renovate a multi-family property?


Your home loan starts with a verified pre-approval.

A powerful pre-approval letter from NewCastle Home Loans improves your likelihood of winning the deal.