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It’s a bit of a Fixer-Upper

Many of us sit and watch home renovation shows and think, “I wish I could afford a house with upgrades like this”. For many of us, it seems as though our dream home is completely out of reach. But it doesn’t have to be. With a 203k Renovation Loan from Semper Home Loans, you can be a step closer to living in the home of your dreams; with all the updates and amenities you ever wanted.

The FHA 203k loan is designed for home buyers who have found the perfect neighborhood, but perhaps the interior needs some TLC. With the 203k loan, you can not only borrow what you need to purchase the home, but you can also borrow some extra money to update the kitchen, master bedroom, or the whole home if you so choose.

Of course, there are some stipulations, but if your credit score is less than perfect, your household income is limited, or if you are purchasing a home and have a low-down payment, this could be the option for you. The FHA 203K program has two convenient options for you to choose from: streamlined or standard


The streamlined option is limited to a maximum of $35,000 in repairs and does not take into consideration the home value. The repairs must start within 30 days of your closing, so get those contractors lined up! This option does have some rules, such as limiting the types of renovations you can use the funds for. For example, you cannot change any structural elements of your new home, like adding an addition or putting in a luxury pool; but you can remodel your entire kitchen, replace the old inefficient windows, or upgrade your AC system.


With the standard option you have a bit more freedom with your reno, but you must make at least $5,000 worth of improvements. Most all projects are allowed if they add value to your home, such as adding a master suite. The standard option does however require that the owner work with a HUD approved consultant who will inspect and evaluate the project.

So, if you’re ready to take on a fixer-upper, go over to the Semper FHA Loan section for more information & get set up with a loan officer today.

Categories: FHA Loans, Loans