The FHA 203k loan lets you finance a fixer-upper AND the renovations with just 3.5% down. Meet The Rehab Man, the team that's overseen thousands of these loans across the country.
You found a house with great bones in the neighborhood you want. But the kitchen is from 1982, the roof needs replacing, and the bank says "come back when it's move-in ready."
That's the catch-22 of fixer-uppers. The homes with the most potential are the ones nobody will finance.
That's exactly what the FHA 203k loan solves. And it's what we've built our entire business around.
Purchase price plus renovation costs, wrapped into a single 30-year FHA mortgage. No second loan, no credit card debt, no juggling contractors.
Your down payment is 3.5% of the total purchase and rehab amount. The appraisal is based on what the home will be worth after renovation.
The Limited 203k now covers up to $75,000 in improvements. Bigger projects can use the Standard 203k, with no separate rehab cap.
Tired of getting outbid on move-in ready homes? A 203k loan opens up fixer-uppers in your price range and lets you customize from day one.
See how it works for buyers Investors & House Hackers203k works on 2-4 unit properties. Put 3.5% down, renovate it, live in one unit, rent the others, and build equity.
See how it works for investors RealtorsPartner with The Rehab Man for co-marketing, team education, and renovation-loan guidance that keeps more deals alive.
See the partner programThree illustrative scenarios across the Chicago market. All figures below are sample scenarios for illustration only, not actual client files.
Most loan officers have done a handful of 203k loans and call themselves experienced. Jay Boetscher has overseen thousands of them and built a nationwide team around that expertise.
No mystery, no jargon. Six steps from first call to move-in day.
60 seconds online or 5 minutes on the phone. Soft credit check, no impact on your score. You walk away knowing your buying power.
Foreclosures, short sales, homes with deferred maintenance, dated interiors. Everything's open to you now.
A HUD-approved consultant walks the property for Standard 203k and helps plan the scope. Contractors submit bids.
The appraisal is based on what the home will be worth after the renovation, not its current condition.
One closing. Purchase funds go to the seller. Renovation funds go into a lender-controlled escrow.
Your contractor gets paid from escrow as milestones are hit and inspected. You never front cash for the work.
No. Anyone buying a primary residence can qualify. 203k works for first-time buyers, repeat buyers, and homeowners refinancing to renovate.
580 for 3.5% down. 500-579 can work with 10% down. We work with scores other lenders turn away.
Limited self-help is allowed, but most rehab must be done by licensed, insured contractors. You also cannot pay yourself for your own labor from loan proceeds.
About 45-60 days. It is usually a bit longer than a regular FHA loan because of the extra inspections and contractor coordination.
No. We have a vetted network of contractors nationwide who know the 203k draw schedule.
60 seconds to pre-qualify. No hard credit check. A member of Jay's team will be in touch within one business day.
