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Buy With Upgrades

Include the costs of upgrades into the original loan, and purchase with little or no down payment.
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How Does 203k Work?

Video explaining the start to finish process of buying a home and fixing it up with a 203k loan.
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Rehab Loan Programs

In addition to FHA 203k, there are other options for Home Improvement Loans.
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Miami, Florida FHA 203k Loans

What Is An FHA 203k Renovation Loan?

The FHA 203k loan is a government insured mortgage program that allows buyers to finance the renovation costs of properties that might need minor TLC or major repairs, such as the thousands of foreclosures that are sitting vacant due to costly rehab work necessary to make the property move-in ready.

In addition to minor cosmetic upgrades, this loan can be used to completely remodel most 1-4 unit dwellings, and borrowers can even finance in up to 6 month's (principal, interest, tax and insurance) payments to avoid having to worry about additional housing costs while the property is being renovated.

Main Benefits Of 203k Loans:

Through the original loan you can add simple cosmetic upgrades, such as new carpet, paint and a complete kitchen renovation, or completely remodel your new home by adding rooms or other structural work.
According to the National Association of Home Builders, over 60% of the properties listed on the market were built before 1990. Don't let out-dated tile, old kitchen counter tops, abused carpets or tired paint stop you from customizing a great property in the neighborhood of your choice.
Improve the re-sale value of your property without by financing the upgrades into a lower fixed rate mortgage loan vs. investing your own savings into a costly renovation project.
Through the Energy Efficient Mortgage (EEM) program, you may be eligible for additional financing incentives if you include upgrades that help the environment.
The FHA 203k loan program will allow financing up to 96.5% of your property's after-repair value, provided the total loan amount fits within Miami FHA Loan Limits. However, there are other Fannie Mae HomePath programs that may even allow up to 100% financing within conventional mortgage loan limits in your county.

The 203k rehabilitation mortgage program was intended to expand homeownership opportunities and affordability while revitalizing communities and neighborhoods by providing financing for properties that need renovation work to make them liveable or sellable.

This program helps preserve, and even increase, neighborhood real estate values in correlation with creating employment opportunities for Miami 203k Contractors.

FHA's primary goal is to help borrowers purchase a home they may not otherwise be able to finance based on the down payment requirements of most conventional loan programs. To further that goal, FHA offers favorable loan terms, higher loan limits, and flexible down payment options to qualified buyers.


If you are considering adding any type of upgrades to your property, it's worth talking with a licensed FHA 203k Lender in Florida about your options, and possibly schedule to view a few properties with a local contractor in Miami. Call us today @ (888) 450-9639 for any questions about renovation loans or referrals to experienced real estate agents who work with 203k listings.