FHA 203K - What type of improvements can I make?

Real Estate Agent with RE/MAX Suburban

In the 203K FHA Loan, what types of improvements can I make?fha 203K

  • Repair/replace roofs, gutters and downspouts.
  • Repair/replace HVAC systems.
  • Repair/replace plumbing and electrical systems.
  • Repair/replace flooring.
  • Minor remodeling such as Kitchens and Baths
  • Painting, both exterior and interior
  • Weatherization
  • Purchase and Installation of Appliances
  • Lead-based Paint Abatement
  • Repair/replace decks, patios, porches
  • Basement remodeling
  • Basement waterproofing
  • Window and door replacement
  • Septic System and or Well Repair

All these things can all be included in the 203K FHA Rehab Loan.  All repairs and work must be done by a certified contractor on HUD's approved list.  They are all places that you know and deal with on a regular basis including Lowes and Home Depot as examples.  

The loan is used to bring the home up to a suitable condition without going overboard. There are certain restrictions as to what can be done.  A good example of this would be a granite counter in your kitchen. Will it effectively boost the value of the home OR is the cost too exorbitant to be recouped for the neighborhood?  Each situation & home is going to be different.

It takes work and a lot of patience for this type of undertaking and loan.  It can be a  worthwhile effort for the right buyer with the right situation.

Thinking of tackling a fixer upper? I work with many great loan officers that will be able to help you in lots of situations & make sure you are the top priority in the transaction.




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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I really like these types of loans.  It's very helpful to get a contractor involved in the project early .  

May 15, 2016 05:06 AM #1
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I get people all the time that want to use this loan and do the work themselves...

May 15, 2016 10:13 AM #2
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Excellent information here. I have had only a couple of buyers who used the FHA 203 but they were a couple of focused, on the ball buyers who in the end had a nice home!

May 18, 2016 01:13 AM #3
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Lyn Sims

Schaumburg IL Real Estate
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