Do you need a Loan for Home Improvements or Repairs? FHA 203k

Mortgage and Lending with - Legend Lending NMLS #293883

Are you looking to update your Kitchen or maybe replace your roof?  Or replace your AC unit?  Do you need a new Septic system?  Maybe you need all new appliances?  A FHA 203k loan can help you with this.  A FHA 203k loan allows you to finance these repairs and improvements into your mortgage.  Here is a list of just some of the items that can be financed by a FHA 203k mortgage:

•·         Repair or Replace your Roof

•·         Repair or Replace your HVAC system, ex AC unit(s)

•·         Remodel your Kitchen

•·         Replace your Appliances

•·         Repair or Replace your Plumbing and Electrical systems

•·         Replace your Flooring, ex, Carpet, tile, wood floors

•·         Painting of the exterior and/or interior of your home

•·         Replace, Repair or Add a deck, patio or porches

•·         Replace your Windows, Doors and Siding

•·         Repair or Replace your Septic System

•·         Etc


The best part is your can even finance more then one of these improvements.  So you could upgrade your Kitchen and get new windows at the same time.  The most you can finance is $35,000 in improvements/repairs and the minimum is $5,000.  You must live in your home and have equity in your home.  This means your new loan is based on your current mortgage balance, fees and cost of improvements.  So as an example: you owe $100,000 on your mortgage balance now, plus your want $35k in improvements.  The total must be less then 96.5% of what your home is worth.  This means your home must be worth at least $140,000 for this example. 


With rates as low as they are now is the time to finance the repairs and improvements you would to do to your home.  This is not considered the same as a Cashout loan or Home Equity Loan.  If you have been turned down for a Cashout loan in the past due to not having enough equity in your home, you could be approved for this loan.  Call me today so that we can go over this great program together. 

Posted by





David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Top 1% Loan Officer Nationally

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business


Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017


For More Mortgage Info Follow me at  Dave's Blog


If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  


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Comments (6)

Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Dave, how do you go about applying for one of these loans.  Do all mortgage companies and banks offer them?

Jan 07, 2011 05:30 AM
David Krichmar - Legend Lending - Sugar Land, TX

Suzanne great question.  No most banks and lenders do not offer this program.  the first step is to contact me, then we can discuss how to structure the loan.  This program is also great for purchasing a home. 

Jan 07, 2011 05:37 AM
Andy Kress
Rental Solutions Oahu - Honolulu, HI

What a great idea! FOr people who have equity, this seems like a good option.

Jan 07, 2011 05:41 AM
Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Dave, how do your work with those not located near you?  Also, what kind of interest rate is charged?

Jan 07, 2011 06:34 AM
David Krichmar - Legend Lending - Sugar Land, TX

Suzanne, i actually am not that far from you.  just in Sugar Land.  i am easily reached by phone or email.  i was just to Galvestonlast weekend.  so beautiful.  the rate is usually .5%+ more then the market rate for a FHA loan. 

Jan 07, 2011 06:41 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

The 203k loan is an under-utilized tool. Many buyers could create equity by using the FHA/203k loan to buy and renovate homes that need some work.

Aug 18, 2017 07:55 PM