FHA 203k Loan

The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is a normal Full 203k loan, which is utilized for properties that need major structural repairs such as a new roof or a room addition. The second is the Limited 203k, which is given for non-structural repairs such as painting, flooring or new appliances. The minimum repair amount is $5000.