FHA 203(k) loans: What they are and how they work

It’s a mortgage product insured by the Federal Housing Administration that allows homebuyers to borrow enough money to cover both the cost of the home and the price of necessary repairs, including …

Other loan requirements include:—Down payment: 3.5% minimum down payment or 10% if your credit score is below 580—Renovation costs: Cost of renovations must exceed $5,000 for standard 203 loan or be less than $35,000 for a limited 203 loan

There are also minimum energy-efficiency and structural standards that the project must meet to qualify.. This is a partial list:—Elimination of health and safety hazards—Reconditioning or replacing plumbing —Adding or replacing floors and/or floor treatments—Making energy conservation improvements

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