Renovate Homes

Can a 203K Loan be used to renovate my home I currently own or is it strictly for a new purchased home?

My home is 13 yrs old and I need more space. I want to add 2 bedrooms and 2 baths. I’m hearing it is cheaper to go out into the back yard with the addition rather than going up. I am pre-approved for a home equity loan but wondered if the 203K would allow for more money for the renovation.

FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.

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