An FHA 203k loan allows a home buyer or homeowner to purchase or refinance a property with up to $35,000 for renovations. There is no minimum cost requirement, and applications may be simpler due process due to the lower sums borrowed under these loans.

The FHA 203k loan is a great option for homeowners needing to make repairs on their home. Let’s look at 10 common repair items that can be covered under the FHA 203k loan.

1. Paint/Mold – Two of the most common problems in older homes are lead paint and mold. When a hurricane strong enough to damage roofs blows through, the possibility of mold contamination increases up if any flooding occurs inside your home. Fortunately, both of these problems fall under the “eligible improvements” category of the 203k loan, so you can get financial assistance to help fix any issues that might come up.
2. Carpet & Appliances – If your carpets are looking old or become damaged due to wear and tear, pets, water damage from a storm or simply age, the 203k can help you replace them. In addition, this program will also cover the cost of buying and installing new appliances like free-standing ranges, washers/dryers, and refrigerators.
3. Remodeling – With this FHA loan, you’re able to finance inner construction projects in your home like the kitchen or bathroom. As long as the repairs don’t alter the home’s structure, you should be eligible for funding.
4. Deck/Patio/Porch – The 203k loan is a great way to finance home repairs and improvements, whether you’re looking to replace or repair an existing accent like a deck or build something new.
5. Window & Door Replacement – With FHA 203k loans, you’re able to use the funds to replace old, faulty, or damaged windows and doors.
6. Siding – DHaving old, broken, or ugly siding can really affect how your home looks. If you need to repair or update the siding on your house you can do so with a 203k loan.
7. Accessibility – Accessibility for persons with disabilities is a necessity, and the 203k loan program provides just that. With this program, those in wheelchairs or less fortunate circumstances can access what they need without issue.
8. New Roof –The 203k can be used to cover the cost of a new roof, whether the house is older or has been heavily damaged by hurricane-force winds.
9. Additional Rooms*. A 203k loan can help you finance remodeling and additions, such as new rooms, to your home. For example, if you find a 2-bedroom house that would work well for you but it falls short in other areas like the number of bedrooms or bathrooms, this type of loan can cover the costs of expanding those features.
10. Moving a Load-Bearing Wall* – Structural walls, even load-bearing walls, can be moved by using a 203k loan which allows you to spread the cost of the project over the life of your mortgage.

*structural repairs fall under the Full 203k, not the 203k Streamline

If you’re ready to talk to someone about a 203k loan, Sword Mortgage is ready to help

At Sword Mortgage, we believe that an informed customer is the best kind of customer. Therefore, our loan officers will take the time to fully explain your options and help you understand all aspects of your unique situation before making a decision. Call 770-826-0222 to speak to a mortgage professional or get started on your loan application process today.