Can I make repairs to a retaining wall with my FHA 203k loan?

Home Inspector with, covering the USA S0289

Can I make repairs to a retaining wall with my FHA 203k loan?

The short answer is Yes, you can. You can complete most repairs utilizing the FHA 203k loan guarantee program. 

  • Retaining walls, 
  • Foundation repairs or replacement,
  • Update kitchens and bathrooms,
  • replace or repair a roof,
  • Interior and/or exterior paint, 
  • Lead paint abatement or removal,
  • Asbestos abatement or removal,
  • Room additions, 
  • Repairs after a fire to include rebuilding a home from the foundation up if needed,
  • Repairs after a hurricane or tornado,
  • Repairs to manufactured homes built after June 30, 1976
  • Adding additional units where zoning allows,
  • Commerical mixed use buildings... we can finance with 3.5% down payment and include renovation of the residential portions of the property
  • Add a well and/or septic tank

Remember that if you only have 3.5% down the FHA 203k loan product may be your best choice. If your credit score is 580-620 the FHA 203k loan product may be your best choice... call me for your best choice of a lender for this program.

IF, on the other hand you have a better credit score, good payment history, and 10-20% down payment you might be better served by a FannieMae HomeStyle Renovation loan product as there is NO MORTGAGE INSURANCE PREMIUM (MIP) which can save you a few hundred dollars per month or more depending on your loan amount. Call me for your best choice for a lender for this loan product.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

877-207-6565  state your name when asked please

following Mike Young on Twitter Facebook You Tube MY 203k Team bug

Comments (12)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Many lenders and buyers do not take advantage of this loan when purchasing a home.

Jul 09, 2013 01:05 AM
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Harry, you  are soooo right, I can't tell you how many times I hear people ask about that brand new loan.. new since 1961. 

Jul 09, 2013 01:31 AM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

This is very interesting. I have not worked with a FHA 203K for a longtime. Here locally, this loan will be beaten every time by an all cash buyer.

Jul 09, 2013 04:48 AM
Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Hi MIke -  let me guess 203K ... Ha!  My eyes were welcomed straightaway by the vision...  good blog1

Jul 09, 2013 06:48 AM
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Kathy, what we have working for an FHA buyer is that they don't have to have profit as they don't mind paying full price where an investor typically makes their money by buying low and selling high. The 203k offer is and should be sold to the seller as a higher price offer providing the seller with a greater profit for their home than a low ball all cash offer and in the end it is all cash to the seller anyhow. Buyer puts up 3.5% down payment and the rest comes in the form of a government guaranteed loan but by the time the seller sees the money, it is all cash, just more of it. Investors should be using our conventional equivalent renovation loan product so they can do more projects at one time.

Gay, of course, but not totally. We also offer the Fannie Mae HomeStyle which works the same as an FHA 203k but has no PMI. Yes they do need a larger down payment but it also works for investors. In any case our teammates can close them in about 30 days regardless.

Jul 09, 2013 07:26 AM
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Thank you Mike, for the good explanation of the FHA 203K loan and the FannieMae HomeStyle Renovation loan. Important to know and remember.

Jul 09, 2013 08:19 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Mike, Keep this great FHA 203k information coming.  I agree with Gay's comment.  It is not an issue of them not being able to be done ... it is an issue of competition in the market ... all things considered equal ... these loans will be beat out!

Jul 09, 2013 12:10 PM
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Jane and Kathleen,

thanks for stopping by.

Jane, I'll be in your neck of the woods later this month. Doing a home inspection conference for the National Association of Home Inspectors in Orlando 23-28th

Jul 10, 2013 01:41 AM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I would think that contacting a loan expert like yourself would benefit most in deciding the best choice in loan programs Mike.

Jul 18, 2014 05:19 PM
Stacy Ann Stephens
Keller Williams Realty CT - 860-704-9070 - Wallingford, CT
Realtor, New Haven & Hartford CT Homes For Sale

Hi Mike, thanks for this post, I would think this would be a  deal breaker.

Thanks, enjoy the weekend!

Jul 19, 2014 09:23 AM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor


Thank you for the informative post. The 203k is a great program for buyers with not much savings and looking to uplift or remodel their new purchase.

Jul 19, 2014 09:49 AM
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Thank you all for stopping by. 

Stacy, what would be a deal breaker the need for a major repair? That is why we have the fix for you. If an appraiser points out a deficiency in the property that becomes a "deal breaker" you can have this tool to get it back on track. Sure you might get a concession from the seller, that is a smart thing to do but you still have the issue with not being able to get the home sold with this issue until the item is repaired... OR, you use this loan program to get it repaired AFTER it closes, AFTER you get paid, and your client has a safer home.

Jul 20, 2014 01:11 AM