FHA 203k, also known as the home repair loan, is one of the most diverse home improvement loans out there. Use this loan for upgrades, remodels and building of a new structure on a house you own or will own. Use the 203k for simple upgrades, to create your dream kitchen, bathroom or completely reconstruct a home that is presently unlivable. You can borrow up to 96.5% of the post-renovation appraised value.
Use the limited FHA203k for renovations under $35,000, with only 3.5% down. Also available is the standard 203k for larger renovations over $35,000.