Buy and renovate in one mortgage. FHA 203(k) lets Florida buyers finance both the purchase price and repair costs in a single FHA-insured loan.
3.5%
Down Payment
$35k+
Max Repairs
580
Min Credit
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
Key Features
- Standard 203(k): repairs over $35,000 (full renovation)
- Limited 203(k): repairs under $35,000 (cosmetic updates)
- 3.5% down on total (purchase + renovation)
- HUD consultant required for Standard 203(k)
- Contractor must be licensed and insured
- 6-month renovation timeline
- Can include structural work, additions, accessibility upgrades
Who Is This For?
- Buyers who want to purchase a fixer-upper
- Buyers in competitive markets willing to buy homes that need work
- Homeowners who want to refinance and renovate simultaneously
Florida-Specific Considerations
- Florida has many older homes (1950s-1980s) ideal for 203(k)
- Hurricane damage repairs eligible
- Impact window installation can be included (insurance savings)
- Post-inspection repairs from Florida 4-point inspections
- Combine with Hometown Heroes for DPA on the total loan amount
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