Quick highlights
- Finance purchase + renovation in one loan
- As little as 3.5% down
- Standard and Limited (Streamlined) versions
- Up to $35,000 in renovations on Limited
- Standard for major structural work
- Primary residence only
Best for:
Buyers eyeing a property that needs work but who don't have separate cash for renovations. Also useful for refinancing while funding major home improvements.
Limited (Streamlined) vs. Standard 203K
Limited (formerly Streamlined) 203K is for cosmetic and minor repairs up to $35,000 — paint, flooring, kitchens, baths, HVAC. Standard 203K handles major structural work, additions, and projects over $35,000, but requires a HUD consultant and more documentation.
How does the renovation money work?
The renovation funds go into an escrow account at closing and are released to contractors as work is completed. You don't pay the contractors directly — the lender does, after inspections confirm the work was done correctly.
Ready to see what you qualify for?
Every situation is different. Let's talk through your specific scenario and shop it across our lender network for the best terms.