FHA 203k: Refinance Options Available!

FHA 203k: Not Just a Purchase Loan – Refinance Options Available!

Many mortgage companies and banks are advertising their low rates for FHA 203k purchase loans. There is no doubt that for people looking to get a home in need of some modest repairs and updates the FHA 203k is a great financial move. However, that loan is not a purchase only type of mortgage. It can also be used for people who currently own a home and would like to refinance to a low rate while getting a small amount for some renovation projects.

Minimum Amount for Repairs

In order to refinance using the FHA 203k the borrower must get at least $5000 to be used for either repairs, improvements or both. For people who are real handy and don’t mind doing the work themselves, this small amount can go quite a ways towards paint, carpet or new appliances. It is also a good amount for someone that has a modern home but simply needs a little extra money for something like a new roof or storm windows.

Types of Improvements

There are some restrictions on the type of improvements that can be made on a home using the FHA 203k program. Here is a list of the majority of the items allowed.

  • Adding on or repairing a bathroom
  • Installing solar panels
  • Adding appliances to the home that are more energy efficient
  • Safety items like repairing damaged handrails on stairs or removing old lead paint
  • Repair to necessary systems in the home such as plumbing, heating, ventilation, electrical or air condition.
  • Repairs to the floor or a new floor
  • Outdoor projects such as decks, landscaping, patios, fencing and driveways
Contact us below or apply online to see if you qualify for the FHA 203k mortgage!
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Filed under: FHA Loans, Minnesota Blog

Luke Skar

Luke Skar is the web developer and content strategist for Inlanta Mortgage in Madison, serving Wisconsin, Illinois, Minnesota and Florida. Guided by his 12-plus years of various mortgage marketing experience, Luke provides top-quality SEO services, effective social media management, and web development and maintenance. Luke’s career in the mortgage industry began back in 2001, as a loan processor. After becoming a loan officer for a number of years, Luke is now the sole owner/operator of madisonmortgageguys.com. To ensure that all the information he posts is fresh, accurate, and up-to-date, Luke relies on the knowledge which his years of dedication to keeping up with the constant change that the mortgage industry provides.


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