First and foremost, buying a home usually requires that the home be able to pass an inspection and be in a safe, livable condition. That of course eliminates numerous homes that we find on the market today because many foreclosures have trouble passing an inspection. With the 203K Renovation Loan Program, the 203K loan will allow you to purchase a home that needs updating and will actually lend you the money to make the improvements!

Here is a list of some the 203K Renovation Loan repairs:

• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding Septic system and/or well repair or replacement
• Repair/Replacement of roofs, gutters and downspouts

203K Resources

203K Guidelines and Information (HUD)