Learn more about
203(k) Renovation Loans
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The Nation’s Largest
Independent
203(k) Lender

Renovation financing to turn your house into your dream home

FHA's 203(k) loan program is designed to finance the purchase and renovation of your home,
all in one loan.

Is a 203(k) Loan Right for You?

  1. Buy a "Fixer-upper" or REO property needing renovation
  2. Get funds to both purchase and upgrade your dream home
  3. Refinance and renovate your existing home

Advantages of 203(k)

  • Loan amount based on the home value including renovations
  • Only one loan needed to both purchase and improve
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing

Prospect has nationwide 203(k) specialists that can answer all of your questions.


Real Stories

SEAMLESS ... Sweet stuff when you can get it! Nat Pendleton walked me through the process with ease, even when I was frantically multi-tasking Nat gently guided me on my next step. QUICK. We all want a fast dash to the closing...and we got it. A trusted company that protects your privacy. I have recommended Nat and Prospect Mortgage to friends, especially since Nat is licensed in several states.
— Sandra S.

I'd like to thank Jeff and his team at Prospect Mortgage for a job well done and the professionalism they provided throughout my refinance. It was a pleasure working with them and I would recommend them as a professional group that provides great service related to refinancing and mortgages.
— Robert T.

Dave Stemrich was our mortgage officer and he did an AWESOME job! He worked really hard to get us what we wanted and he did exactly what he said he was going to do. He went the extra mile to get us what we needed. We really appreciate him! He always kept us informed on what was going on and if we had any questions he was also more than happy to answer them!
— Natalie M.

Who Qualifies?

  • A minimum down payment of 3.5%*
  • A credit score of 640 or higher
  • You currently have no other FHA loans
  • You DO NOT have to be a
    first-time buyer

Ask your loan officer about additional requirements.

FHA Loan limits vary by market. They currently range from $271,050 to $729,750 for a single family property. To check the current loan limits by county, go to entp.hud.gov or check with your loan officer for the current limits.