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FHA 203k Renovation Loan

FHA 203k renovation loan is available for 30 year and 15 year fixed rates. This program can be used to renovate your kitchen, baths, add an addition, replace siding, roof, windows, doors, and much, much more!

Instead of having a 1st mortgage and 2nd mortgage, you only have one mortgage. Loan is also available for Purchasing a home that may need a little TLC. There are two types of 203k loans, one for small projects of $5,000 and one for bigger projects above $35,000. Ask for more details at 630-854-3459

As SIMPLE As 1, 2, 3!!


After You Identify Your Future Home


1. Notice What Needs To Be Repaired


2. Get Estimates From Contractors


3. Put in a contract with your Realtor



That’s it! We Take Care Of The Rest!!  We simply add the total cost of repair to the price of the home and finance everything for you!!




Minimum 3.5% Down!! Seller Contributions & Gifts from Family members are Acceptable!!



FHA 203k Loans helps homebuyers to purchase an existing house and include the cost of its rehabilitation through a single mortgage. The minimum rehabilitation amount must be at least $5,000, with the total value of the property falling within the FHA mortgage limit for the area (call for limits).



There are 2 types of 203k loans. Please call to review your 203K options in detail.


FHA 203k Rehab Loan


Types of 203K Loans; Streamline and Full 203k:


30 or 15 year fixed rates


Assumable to a qualified buyer, with no money down



Eligible Properties:


Single family dwellings






1-4 Unit buildings- you can increase or decrease the number of units with this loan.

FHA Streamline 203k


The Streamline 203k loan is used to purchase or refinance a home that needs minor / nonstructural rehabilitation where total cost of improvements does not exceed $35,000.  Some types of renovations include:



*Repair/Replace roofs, gutters & down spouts                           

*Repair/Replace flooring, exterior decks, patios & porches

*Lead based paint removal & stabilization, minor mod remediation

*Repair/replace/upgrade HVAC, plumbing and electrical systems


*Remodeling of Kitchens & Baths


*Replace/repair septic and well

* Energy efficient upgrades




FHA 203k Standard


Structural Alteration and Reconstruction:


Changes for improved functions and modernization


Elimination of health/safety hazards


Changes for aesthetic appeal


Plumbing, heating air conditioning and electrical upgrades


Well and/or septic repairs


Roofing, gutters and downspouts


Flooring, tiling and carpeting


Energy conservation improvements


Major landscape work and site improvement


Access for the disabled


Plus Many More!



Call Us Today For Details!


Patty Harrison


203k Specialist/Consultant





Contact Info

Patty Harrison

ph. 630-854-3459
fx. 630-904-1010
Cell: 630-854-3459
Smart Mortgage - 4003 Plainfield/Naperville Rd. #201 , Naperville, IL 60564
NMLS #230234/Company #222269 / Illinois Residential License #4870