My City Mortgage Logo

203k Rehab Loans

These programs are specifically designed for those who wish to repair, improve, or upgrade an owner-occupied home they own or would like to buy.

About the FHA 203(K)

The FHA 203(k) allows homeowners to finance rehab costs within a single mortgage – rather than having to obtain a separate loan to finance the cost of repairs or walking away from a home because you don’t have the cash for home improvements.
We currently offer this owner-occupied financing on one-unit and two-unit properties.

Surveyor In Hard Hat And High Visibility Jacket With Digital Tablet Carrying Out House Inspection

Standard 203(K)

The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structural repairs. There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.

Max completion time: 180 days (6 months)

Landscaping and hardscaping allowed

$5K minimum and no max repair amount

Structural changes are allowed

Limited 203(K)

The Limited 203(k) may be used to purchase or refinance a home that needs minor remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is not required and there is no minimum rehabilitation cost.

Minor remodeling

HUD consultant is not required

Max completion time: 90 days (3 months)

No min and up to $35K in total renovations

HomeStyle Renovation Loans

This program is for borrowers who need financing to purchase a less-than-perfect fixer-upper or refinance their existing mortgage and renovate their current home with a single-close first mortgage.

The loan amount is based on the “as-completed” value of the home. This allows the opportunity to do more renovations based on a future value. We currently offer this owner-occupied financing on one-two unit single-family primary homes.

Complete home remodel

Repairs affecting habitability

Structural changes are allowed

Max completion time: 180 days (6 months)

No minimum on repairs

Get Contacted by an advisor near you

Lori H

I’ve had the best experience for being a first time homebuyer,everyone was beyond helpful and explained all the steps in detail to someone with zero knowledge of the home buying process.

David A

My City was fantastic to work with. They were extremely knowledgeable and answered all questions quickly.

James S

Honestly, the process of me receiving and acquiring my mortgage was professional, efficient, and satisfying. I want to thank everyone at My City for they have done for me.

– via Surefire survey