FHA 203(k)
Renovation Loans
Buy it. Fix it. Love it — all with one mortgage.
Dreaming of a home with potential? Whether you’re buying a fixer-upper or updating the one you already own, an FHA 203(k) loan from Choice Mortgage Group helps you finance both the property and the renovations with one simple mortgage. It’s a smart way to transform a not-quite-perfect space into your forever home — without juggling multiple loans or credit lines.
We believe that every homebuyer deserves the opportunity to turn a house into a home — and this loan was built for exactly that.
What is an FHA 203(k) Loan?
The FHA 203(k), sometimes called a rehab loan, renovation mortgage, or Section 203(k) loan, is backed by the Federal Housing Administration (FHA) and allows borrowers to finance both the purchase (or refinance) of a home andits improvement costs into a single mortgage. That means you can roll the cost of needed repairs, updates, or upgrades into your monthly mortgage payment — often at a more favorable rate than a personal loan or credit card.
Two ways to use the FHA 203(k)
Purchase + Renovate
Buy a home that needs work and roll the renovation costs into your loan.
Refinance + Renovate
Already own your home? Refinance with a 203(k) and use the funds to cover improvements, repairs, or upgrades.
Whether you’re restoring an older home, modernizing key spaces, or addressing health and safety concerns, this loan gives you the power to make meaningful improvements — without stretching your budget.
Key Benefits
One loan, one closing
— easier budgeting and fewer moving parts
Low down payment
(as little as 3.5% for qualified borrowers)
More flexibility
with credit and income requirements
Financing for both purchase and renovation
Available for refinances
not just new purchases
Competitive interest rates
compared to unsecured renovation loans
Eligible Renovations May Include:
- Kitchen and bathroom remodels
- Roof, HVAC, plumbing, or electrical upgrades
- Flooring, painting, or structural repairs
- Accessibility improvements
- Energy efficiency upgrades
- Major landscaping and drainage improvements
- Health and safety repairs (e.g., lead-based paint removal)
We’ll work with you to help ensure your project meets FHA guidelines — and help connect you with approved contractors if needed.
Renovating Made Simple
At Choice Mortgage Group, we know that combining home financing with construction costs can feel overwhelming — but it doesn’t have to be. We bring empathy in every mortgage and guide you step-by-step, from contractor bids to closing. We’re always improving our process to deliver a streamlined experience that helps you move forward with clarity and confidence.