203k Mortgages

An FHA/HUD 203K mortgage loan is a home improvement loan that is primarily used for rehab or repair and requires minimal out-of-pocket expenses.

It covers the cost of repairs ranging from $5,000 to $35,000 for 203K Limited and $35,000 up to the FHA max for 203K Standard. 203K mortgages are ideal for fixing up foreclosed properties, single family properties, townhomes and condominiums. The 203K allows borrowers to own a great house at a good value.

Who Does a 203k Mortgage Benefit?

  • First time homebuyers interested in purchasing a property in need of repair
  • Existing homeowners who want to repair their current property
  • Borrowers with limited funds for down payment, closing costs and necessary repairs

Whether you want to upgrade your appliances, flooring or electrical system, the 203K program requires minimal out-of-pocket-expense to improve the comfort and value of your home.

Buy a "fixer upper" and finance the "fix" in your mortgage! To discover more about buying a property that needs some repairs, talk to a MidCountry mortgage professional today.

Complete Homebuyer's Mortgage Guide

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Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.

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