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HUD 203(k) Program

Finding a great home in this market that is priced low typically means a bank owned home. Most of the time these homes need repairs or major renovations.  The Housing and Urban Development's (HUD) FHA 203(k) renovation loan program allows home buyers to save money by including renovation construction costs in their standard FHA home loan. Here are some details about the 203K home loan.


A 203K loan  provides a loan for both buying the home and repairing or renovating the house into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors. The amount you can borrow is based on the appraised value after remodeling, not before, allowing you the funds you need to repair the home the way it should be. The best first approach is to determine a 203K home loan consultant to get you started.

STANDARD AND STREAMLINED 203(k) LOANS - Both are available for different types of renovations and situations.

The Standard 203(k) loan is intended for:

  • Renovations over $35,000 
  • Renovations that may require structural changes, design drawings, inspections or involves engineering.

The Streamlined 203(k) loan is intended for:

  • Less extensive renovations and minor repairs that will not exceed $35,000 in renovation and related expenses

THE ROLE OF THE HUD FHA 203(k) CONSULTANT - National Property Inspections

A 203K Consultant is required on Standard 203(k) loans. The HUD FHA 203(k) Consultant assists the home buyer by:

  • Locating and pinpointing the items in need of repair, such as the roof, furnace, piping, etc. 
  • Assisting the buying in determining the amount of work needed for each renovation.
  • Helping the buyer obtain bids and estimates for the renovations.
  • Finalizing any inspections to make sure the work is being completed as required.

The consultant also works with the contractor and lender to develop a draw inspection schedule to complete the renovation. Having a 203K loan consultant on your side ensures the right work is scheduled, gets done on time and meets code.

For more information on the HUD FHA 203(k) loan program, contact Tom Trotter, your National Property Inspections 203(k) Consultant in the Dayton Ohio area.

Tom Trotter


Eric Malone

Carrie Trotter
Office Manager


203K Consultant

OH 203(k) Consultants

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