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203K Rehabilitation Loan
U.S. Department of Housing and Urban Development


Armando Fana
909 SE 1 Avenue, Room 500
Miami Florida 33131
305 520-5059

Program Overview

203K Rehabilitation Loan is a program that allows homebuyers to purchase a home with 3.5% downpayment in order to obtain funds to rehabilitate and repair an illegal building after closing.

Who is eligible for thisTest program?

Applicants must qualify for FHA loans and propose to make repairs that will cost at least $5000. Borrowers must be able to make mortgage payments Funds may be used to make structural repairs, system updates, elimination of health hazards, adding, repairing or replacing plumbing, septic systems, roofing, gutters, downspouts, floors, landscaping or disability access and energy conservation work. Minor or cosmetic repairs are not acceptable, but may be combined with other repairs

Is thisTest program for first time buyers only? No

Property Eligibility Requirements

Allowable property types: One- to four-unit family dwellings, condominiums and HUD homes completed at least one year. Mixed-use properties may be eligible if the non-residential portion of the property does not exceed program ratios and the funds obtained through the program are not used for non-residential purposes. Co-ops are not eligible. Structures that are a burned-out shell, incomplete shell or only a foundation may be eligible if more than a year old.

Benefit Details

Benefit: Down-payment of 3.5% required, but this can be a gift from family.
Loan Term:30 years
Homebuyer Counseling /
Education Required:
Owner Occupancy Required:Yes
Other Program Comments:Borrowers must show a commitment to bringing a dwelling into code compliance, moving a dwelling in need of rehabilitation to a new location for rehabilitation or refinancing and rehabilitating an existing dwelling in place. The program requires two separate determinations of value: (1) the as-is value and (2) the value after rehabilitation. The value after rehabilitation may not exceed 102% of the FHA loan limit. Property may be refinanced under this program within six months of purchase. May be combined with HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers.

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