The FHA 203(k) lets you finance a home and its renovations in one loan.
A good fit for
- Buyers looking at fixer-uppers
- Homes that need repairs before they qualify for other financing
How it works
- The loan is based on the home's expected value after improvements
- Work is done by contractors and paid out in stages
Keep in mind
- More paperwork and a longer timeline than a standard purchase
- Contractor bids are needed up front
Is a FHA 203k Loan right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.