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Allows you to combine the purchase of the home with the cost of repairs of the home

203(k) Standard:

  • Renovation costs must be at least $5,000

  • Must use a 203(k) consultant

  • 1-4 unit primary residences

  • Manufactured Homes

  • FHA approved Condos

  • Site Condos

  • Structural changes are allowed

203(k) Limited:

  • The cost of work cannot exceed $35,000

  • 1-4 unit primary residences

  • Manufactured Homes

  • FHA approved Condos

  • Site Condos

  • Minor remodeling


  • Repair/Replacement of roofs, gutters, and downspouts

  • Repair/Replacement/upgrade of existing HVAC systems

  • Repair/Replacement/Upgrade of plumbing and electrical systems

  • Repair/Replacement of flooring

  • Minor remodeling, such as kitchens, which does not involve structural repairs

  • Painting, both exterior and interior

  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.

  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwave ovens

  • Accessibility improvements for persons with disabilities

  • Lead-based paint stabilization or abatement of lead-based paint hazards

  • Repair/replace/add exterior decks, patios, porches

  • Basement finishing and remodeling, which does not involve structural repairs

  • Basement waterproofing

  • Window and door replacements and exterior wall re-siding

Fannie Mae HomeStyle Renovation Loans:

  • 620 credit score

  • 1-4 unit primary residence

  • 1-unit second homes

  • 1-unit investment homes

  • Multi-wide Manufactured homes

  • PUDs

  • Fannie Mae-approved condos

  • 95% LTV on a 1-unit principal residence

  • Renovations and Repairs up to $200,000

  • 75% LTV on a 1-unit investment property

  • No minimum dollar amount is required for repairs

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