<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=262189827814310&amp;ev=PageView&amp;noscript=1">

Amerifirst blog

 Explore our blog for insights on buying, financing, remodeling, and taking care of your home.

Back to all posts

What Can an FHA 203(k) Loan Be Used For?

GettyImages-mom and sonWondering if you can remodel your kitchen with the FHA 203(k) renovation loan?

 

Yes you can! With the FHA 203(k) loan, you can remove walls, install new flooring and buy a new dishwasher to match your new refrigerator and stove. On the flip side, you can't use the loan to build an outdoor barbecue pit, add a swimming pool or construct a tennis court.

 

With an FHA 203(k) loan, you can buy a home at a very reasonable price in a desirable neighborhood, and remodel it to reflect your tastes and personality.  The loan is unique because you can borrow the funds needed to buy the property AND the funds you'll need for upgrades and home improvements. One loan takes care of both! 

 

Let's take a look at the type of projects you can finance with the FHA 203(k) loan.

  • Roof repair
  • Roof replacement
  • Replacement windows
  • New doors
  • Kitchen remodel
  • Bathroom remodel
  • Room additions
  • Add a second story to a ranch style home (no kidding!)
  • Waterproof a basement
  • Solve lead-based paint issues
  • Re-paint a house (inside and exterior)
  • Furnace and A/C replacement
  • Electrical system repair
  • Plumbing system repair/replacement
  • New floors - carpet, tile, laminate flooring, linoleum
  • Kitchen appliances
  • Driveway repair
  • Sidewalk repair
  • Grading issues in your yard to solve basement flooding problems
  • Well & septic repair or replacement
  • More - get creative and ask us if something is covered!

As you can see, there's a lot the FHA 203(k) can be used for when it comes to home improvements, renovations, repairs, remodeling and upgrades. So if you're wanting to get some work done around your house, you could consider the 203(k) as a "refinance and remodel" option. Or if you're in the market for a new home, maybe it's time to find a good structure at a great price and make it your dream home with the FHA 203(k).*

 

Learn more about this home improvement financing option to decide whether it's right for you by downloading our "Ultimate Guide to Renovation Loans."  Get your copy at the button below.

 

Ultimate Guide to Renovation Loans

 

*Amerifirst is ranked as one of the top twenty FHA 203(k) lenders in the nation for 2020 by the Department of Housing & Urban Development. 

 

Related Posts

3 Basic Differences Between a Standard and Limited FHA 203(k) Home Loan

You've found a home in a neighborhood where you've always wanted to live. And you can snatch it up at a good price. So what's stopping you?   Could it be the outdated appliances, dark brown exterior,  and wall-to-wall carpeting? It might not be your dream home just yet, but with an FHA 203(k) renovation loan, it could be. With this loan you can purchase the property and get the extra funds you need to remodel, repair, and renovate. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete. 

How to Survive Working from Home

8 tips to help you thrive and get things done while working at home during the Coronavirus pandemic

Helping More Veterans Buy Homes

(photo: Styron Batchelor, third from left; Loan Officer Mark Bynum, third from right; Loan Officer Assistant Jeff Jones, second from right)

icon_footer_phone-01

Call us

800.466.5626

icon_footer_laptop-01

Get started

Apply online today