FHA 203(k) Standard & Limited

A minimum 620 credit score

Minimum loan amount of $5,000 required (no maximum amount)

Self-help or contractors related to the borrower are not allowed

Manufactured and on-frame modular homes are not allowed

203(k) Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as part of the existing foundation is left intact

203(k) Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work

HomeStyle® Renovation Mortgage

Includes renovation costs in one loan to purchase or refinance

No minimum renovation cost required

Maximum renovation cost is 50% of the “as-completed” appraised value of the property

HomeStyle® for Investors

An investment-specific loan covering single-unit properties with all types of work allowed, including luxury additions, and a minimum down payment of 15%

Option of investment property purchases up to 85% LTV with FICO at 620 or above

USDA Renovation Loan

No down payment required*

Available for homes in designated rural areas**

Eligible borrowers can finance up to $75,000 in repairs and upgrades***

• Up to $35,000 for non-structural work (things like kitchen upgrades, HVAC replacement, rewiring and re-plumbing) 

• $35,000 - $75,000 for structural work (things like foundation work and major roof repairs)