FHA 203(k) Rehab Mortgage

About This Program

Finance purchase and renovation in one FHA-backed loan. Limited 203(k) covers non-structural repairs up to $75,000. Standard 203(k) covers major renovations. Borrow up to 110% of property's after-improvement value. Ideal for buying and fixing a Detroit Land Bank or distressed property — Detroit's $78K median home value means buyers can purchase + renovate affordably with one loan.

Purchase + renovate in one loan — no equity needed upfront

Key Details

• Purchase + renovation in one FHA loan
• Limited 203(k): up to $75,000 for non-structural repairs
• Standard 203(k): major structural renovations
• Borrow up to 110% of after-improvement value
• Ideal for Detroit Land Bank purchases

How to Apply

Deadline: Year-round through FHA-approved lenders