203K Renovation Loan
The FHA 203(k) loan allows you to purchase or refinance a home and include renovation costs in a single mortgage. Perfect for buyers looking to purchase fixer-uppers or homeowners planning major renovations.
3.5%
Min. Down Payment
$75,000
Limited Max
$806,500
Standard Max
Key Features
- Finance purchase and renovation in one loan
- Down payment as low as 3.5%
- Limited 203(k): Up to $75,000 (NEW 2025 limit)
- Standard 203(k): No maximum renovation amount
- 12-month payment deferral option available
- 75% upfront material draw for contractors
Benefits
- Single loan for purchase and renovations
- Lower down payment than conventional renovation loans
- Increase home value and build instant equity
- Competitive FHA interest rates
- Perfect for Bergen County fixer-uppers
- Turn older homes into modern dream homes
Requirements
- Property must be at least 1 year old
- Limited: 9-month completion, Standard: 12-month completion
- Licensed contractor required for all work
- Property must become primary residence within 60 days
- Credit score of 580+ for 3.5% down payment
- Detailed work plan and contractor bids required
Ideal For
- First-time buyers purchasing fixer-uppers
- Homeowners planning major renovations
- Buyers wanting to increase home value immediately
- Those seeking one-loan financing for purchase and repairs
- Bergen County buyers targeting older housing stock
- Buyers in Lodi, Garfield, Bogota seeking affordable entry
Ready to Get Started?
Contact Jimmy Joseph MBA to discuss your 203k renovation loan options.
Jimmy Joseph MBA
NMLS #1577754
Branch NMLS #2477715
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