An FHA 203(k) loan can be used for various property repair and modification purposes.
Here are some ways you can use the 203(k) loan:
Purchase a fixer-upper: You can use the FHA 203(k) loan to buy a property that requires significant repairs or remodeling.
Refinance and renovate your current home: If you already own a property that needs repairs, you can refinance your existing mortgage with an FHA 203(k) loan and finance the renovation costs simultaneously.
Structural repairs include foundation repairs, roof replacement, or addressing damage to the load-bearing elements.
Improve accessibility: make the property more accessible for individuals with disabilities by adding ramps or widening doorways.
Energy-efficient upgrades include installing solar panels, energy-efficient windows, or upgrading the heating and cooling systems.
Exterior improvements: includes siding repairs, painting, or landscaping.
Expand living space: by adding extra rooms or expanding the living space, such as adding a new bedroom or converting a basement into a livable area.