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Turn a Fixer-Upper Into Your Forever Home.

An FHA 203K loan lets you roll the cost of your home and renovations into one simple mortgage.

Can't Find The House You're Looking For? The 203k Loan Is A Great Way To Make Any House Your Dream Home.

A 203k purchase loan, backed by the Federal Housing Administration (FHA), is an ingenious financing solution for homebuyers looking to purchase a fixer-upper. This loan rolls the cost of the home and the funds needed for renovations into a single mortgage.

There are two types of 203k loans: standard, which is best for properties needing extensive repairs, and limited (or streamline), ideal for homes that require less extensive improvements. While a 203k loan follows similar qualification guidelines to a regular FHA loan, it additionally requires a detailed proposal of the renovations. With its lower down payment requirements and inclusion of renovation costs, a 203k purchase loan can transform a property with potential into your dream home. Explore the possibilities with a 203k purchase loan today, and bring your vision to life.

Here’s why you need to get pre-approved before starting your home buying journey

  • Know your budget - Pre-approval gives you an idea of what you can afford, allowing you to make informed decisions when shopping for a home.

  • Be a competitive buyer - Having a pre-approval letter shows sellers that you're a serious and committed buyer, making you stand out in a crowded market.

  • Streamline the process - The pre-approval process helps you identify any potential roadblocks early on, allowing you to address them before you find the home of your dreams.

  • Negotiate with confidence - Knowing that you have financing secured gives you the confidence to negotiate the best terms and price for your new home.

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HELOC vs. Home Equity Loan

How Much Can I Borrow?

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First-Time Homebuyer Checklist

Company

About Fannie Mae West

Our Lender Network

Blog

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