Many different types of properties qualify for the FHA 203K loan. One of the main requirements is that the owner must be planning on using the portion of property that is being renovated as their primary residence. Here are the types of properties that quality for this type of loan:

  • Single Family Homes
  • Multi-Family Homes (2-4 family dwellings)
  • Tear-downs, on the condition that part of the foundation remains
  • Existing construction that is older than one year
  • Condos, as long as they are FHA loan approved
  • Mixed-use properties, if you are repairing the home portion of a residential/commercial property

There are many repairs that qualify for the 203K loan:

  • Plumbing
  • Disability access construction
  • Flooring and roofing
  • Heating, ventilation and air conditioning
  • Energy efficiency and conservation
  • Kitchen remodeling
  • Patios and decks
  • Bathroom remodeling
  • Upgrading appliances
  • Site Grading
  • Room additions and second story additions
  • Basement and attic refinishing
  • Siding

An important point to note is when putting in your offer; it will be for the purchase price only and will not include the additional money needed for the renovations. The money from the FHA 203K loan can only be used for renovations and not towards the purchase of the home.

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