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A 203(k) loan is an FHA-backed loan that can be used to refinance an existing home with added money for repairs, updates, or renovations. There are two types to choose from, depending on your needs.
The Limited 203(k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers, and/or architects are not required. The maximum repair amount is $35,000, with no minimum requirement for repairs.
The Standard 203(k) program is intended to assist with more complex, major rehabilitation and/or improvements to a home for which plans, consultants, engineers, and/or architects are often required. There is no maximum repair amount, though there is a $5,000 minimum requirement for repairs.