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FHA 203(k)

The objective of the 203(k) program is to promote and facilitate the restoration and preservation of the nation’s existing housing stock.

A common but incorrect myth about the 203(k) is that it’s for an ugly property in a bad neighborhood. Not true! The maximum loan amount is currently over $400,000 for a single family and over $700,000 for a four flat in some Illinois counties.

If you are considering any of the following, it’s worth seeing if a 203(k) can work for you:

  • A property that is too small, but in an ideal location
  • Adding on or building up an existing property
  • Updating or replacement of siding, windows or roof
  • Updating plumbing, electrical or HVAC
  • The purchasee of two, three, or four flats
  • Mixed-use properties

Home Inspection Pros, Inc. is your renovation consultant. Please read on and contact Dean for further information since every situation is unique.


HomeStyle® Renovation Loan

Another loan option is the HomeStyle® renovation loan, offered by Fannie Mae. There are a few ways a Homestyle® loan differs from an FHA 203(k) loan.

With a Homestyle®  renovation loan from Fannie Mae:

  • Loan limits are typical higher
  • Investors are allowed in certain properties
  • Second homes may qualify
  • Luxury items are allowed
  • No minimum repairs are required

Talk to your lender for more information about HomeStyle® loans.

Veteran Affairs Home Loans

Veteran Affairs (VA) provides support for Veterans, Service members and surviving spouses in home ownership. Housing-related benefits include  home loans and other programs to assist with the purchase, build, repair, maintenance and retention of your home.

Learn more about VA Home Loans:

VA Home Loans

Our Services

Learn more about services offered by Home Inspection Pros, Inc.

Renovation Consulting
Home Inspection

Certifications and Affiliations

Home Inspection Pros Inc. is licensed and certified.