203k FHA Loan
How the FHA 203(k) rehab loan works: Limited vs Standard, the $75,000 and $5,000 rules, down payment and mortgage insurance, and a payment calculator.
203k FHA loan calculator
FHA 203(k) loans: buy and fix with one mortgage
The FHA 203(k) program rolls the cost of repairs into a mortgage on the home you're buying or refinancing (HUD):
- Limited 203(k): up to $75,000 of minor remodeling and non-structural repairs; a HUD-approved consultant is optional.
- Standard 203(k): major rehabilitation including structural work; at least $5,000 of repairs, with a HUD-approved consultant overseeing the work.
- The total must fit under the FHA loan limit for your area.
Costs
Like other FHA loans: at least 3.5% down with a 580+ credit score, an upfront mortgage insurance premium of 1.75% (usually financed) and annual MIP (0.55% for most 30-year loans). Lenders usually add a contingency reserve to the repair budget. Compare with the FHA and VA mortgage calculator.
Common questions
How much can you borrow for repairs with a 203k loan?
Up to $75,000 with a Limited 203(k); a Standard 203(k) has no set repair cap but must fit under the FHA loan limit.
What is the minimum for a Standard 203k?
$5,000 of repairs.
What down payment does a 203k need?
As little as 3.5% with a credit score of 580 or higher, like other FHA loans.
Sources
More mortgage and home calculators: Reverse Mortgage Payment Calculator · 1031 Exchange · Ad Valorem Tax · Apply Section 8
Related
- FHA and VA mortgage calculator
- USDA home loan
- How to get pre approved for a home loan
- Home affordability calculator
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.