The FHA 203(k)fixer upper home loan is a government-backed program that helps homebuyers and homeowners finance both the purchase (or refinance) of a property and the cost of its renovation or repairs in a single loan. It’s especially useful for buyers interested in fixer-uppers and those wanting to customize or modernize their homes.
Dreaming of owning a home with unique character, but worried about the cost of updates? The FHA 203(k) fixer upper home loan makes it possible to buy a house that needs some TLC and turn it into the home you’ve always imagined. Click here to check out the official site for this program.
In a tight housing market, this loan is a game-changer: you can buy that charming fixer-upper and roll the cost of renovations into a single, affordable loan.
Perfect for first-time buyers with a love for classic architecture, the FHA 203(k) lets you unlock a home’s full potential while building equity right from the start.
Create your own opportunity with this powerful tool to buy a house full of character and turn it into your dream home!
When most buyers hear about an FHA 203K loan, they picture themselves tackling the renovations as a DIY project. Unfortunately, that’s usually not an option—unless you happen to be a licensed contractor for the specific type of work you intend to do.
Here’s how the program actually works: You hire a licensed contractor who helps you develop a detailed plan for the proposed improvements. The appraisal then takes that plan into account and estimates the home’s future value after the renovations are completed. Once the work is done, the improvements are inspected to ensure everything was completed properly and complies with building codes and safety regulations.
So while the FHA 203K is a powerful tool, it typically doesn’t work for financing do-it-yourself projects.
The way that this program works is that you hire a contractor and that person helps you to form a detailed plan for your proposed imporovements. And then the appraisal actually considers what the house will be worth after this plan is completed. And finally, the improvements are inspected to insure that everything was done correctly and that it followed all of the laws and rules with regards to buidling codes and safety. So unfortunately , for most people, this loan does not work to finance a DIY project.
Why Choose Barrett Financial for Your FHA 203(k) Loan?
For many, buying a classic older home and making it their own is a dream—but it often comes with challenges. Renovations typically require licensed professionals, which can add costs beyond what first-time buyers anticipate. The FHA 203(k) fixer upper home loan solves this problem by combining home purchase and renovation costs into one, low-down-payment FHA loan. You still benefit from FHA’s accessible requirements—like 3.5% down, a 50% debt-to-income ratio, and a minimum 620 credit score.
With Barrett Financial, you’re guided through each step of the process. We connect you with professionals experienced in FHA 203(k) renovations, ensuring quality and compliance. For projects exceeding $75,000, HUD assigns a consultant to oversee the renovations, so your investment makes sound financial sense. By completing a full loan application and gathering all necessary documentation upfront, we ensure a smoother, less stressful experience from start to finish.
We’ve been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 181106
Personal NMLS: 1599243
OH RM.804600.000
Ron Pero
81 E Mill St., Suite 300
Gahanna, OH 43230
Barrett Financial Group, L.L.C.
2701 East Insightway, Suite 150
Chandler, AZ 85286
Ronald Alvin Pero | NMLS #1599243 | Barrett Financial Group, L.L.C. | NMLS #181106
2701 East Insightway, Suite 150, Chandler, AZ 85286 | OH RM.804600.000 |
Equal Housing Opportunity This is not a commitment to lend. All loans are subject to credit approval. | NMLS Consumer Access Visit Barrett Financial Group’s Website
