Give us a call at 303.779.0591


FHA Renovation/203k Loans

If you dream it, you can do it! Whether you choose a conventional renovation loan or an FHA 203K loan. For those whose project exceeds county loan limits for conventional and FHA loans, there are even construction loans we can help with.


This is a specialized loan program, where you need a specialized lender. You want competitive rates and fees, but you need experience here. Structure and strategy are important in your decision-making process here as well. Make sure you talk to us about the differences between conventional renovation and FHA 203k loans to learn what is right for you.


FHA has two 203K types, one is referred to as the streamline 203K loan, the other is the standard 203K loan. The major difference is that the streamline 203K is more like lipstick and rouge (cosmetic only) and has limitations on the amount ($35K – not total scope of work). The standard 203K will allow you to pop the top, add additions, major remodel, structural with the only real limitation being loan limit in your county for FHA mortgages. You are required to use a HUD consultant on a standard 203K and a general contractor as well.
Conventional renovation like the standard 203K s not offered by most lenders. This is a sweet program. With 5% down payment and higher loan limits, this can be viewed as more beneficial to those who qualify. The work is limited to 50% of the value after improvement (so quite a bit usually) and county loan limits. You can use this for 1-unit second homes as well. This program usually requires a HUD consultant and is mandatory you use a general contractor as well. If you are looking to borrow more than the allowable limits for FHA or Conventional mortgages and need a construction loan let us know. One tip here, if you are thinking about this loan program, layer it into conversations with your agent early! We can guide you on how we line out a smooth and efficient process for everyone. But it all starts with transparent communication and proper timeframes on the real estate contract.