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FHA 203(k) Full Rehab

The Federal Housing Administration's (FHA) 203K Rehabilitation Loan is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner occupied home they own, or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don't have the cash for home improvements), the FHA 203K rehabilitation loan allows you to finance the rehab costs within the first mortgage loan.

FHA 203K: The standard FHA 203k loan is used to purchase or refinance a home that needs major rehabilitation, or when the repairs are structural in nature. The standard 203k loan is also used when the total renovation costs exceed the $35,000 limit of the 203k streamline loan. Also, the borrowers will receive an added layer of protection from the use of a 203k consultant. 203k Consultants are experts in their field and are used to safeguard against under or over estimating the cost of the repairs. For a list of approved FHA 203k consultants (click here) and input your city and/or zip.

 Type of work for a FHA 203k Full loan:

  • Structural alterations and additions (with upfront approval)
  • Upgrade central air/heat, and electrical systems
  • Repair termite or moisture damage
  • Remodeled kitchen and baths, modernize plumbing
  • Install or repair well or septic systems
  • Roofing, gutters, downspouts
  • Flooring, tiling and carpeting, interior / exterior painting
  • Energy conservation improvements
  • Major landscaping
  • Improvements for disability accessibility
  • New free standing appliances
  • Foundation repair
  • Other improvements that are a PERMANENT part of the real estate*

*Luxury items are not permitted to be included in the financing.


Eligible properties are attached and detached 1-2 unit primary residences that have been completed for at least one year, manufactured homes, and FHA approved condominiums   Ineligible properties include demolished homes, razed homes, a structure relocated to another location, mixed-used properties, co-ops, investment properties, mobile homes and 3-4 unit properties


1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (470) 839-8777
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A Georgia Residential Mortgage Licensee #32549
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