Financing Options for Your Fixer Upper. Rachel Mendelson. An FHA loan is a loan backed by the Federal Housing Administration. This loan is a popular option .

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Fixer uppers can be fun projects, and you can use your mortgage to help. Federal Housing Administration (FHA) 203(k) Rehabilitation Loan:.

How to buy a fixer upper with a FHA 203k Thankfully, the Federal Housing Administration, or FHA, has a program that insures home loans for primary residents of fixer-uppers, known as the 203(k) program.

An FHA rehab mortgage is perfect for fixer-uppers. Rehab mortgages are a type of home improvement loans that can be used to purchase a property in need of work — the most common of which is the FHA 203 (k) loan. These let buyers borrow enough money to not only purchase a home, but to cover the repairs and renovations a fixer-upper property might need.

They also protect the lender by allowing them to have the loan insured even. total value of the property must still fall within the fha mortgage limit for the area.

Hint: One has to do with retirement savings and the other with buying a fixer-upper! What is a 203(k) loan? A 203(k) loan is a mortgage product available through the Federal Housing Administration (FHA) that lets you finance the cost of repair and rehabilitation of an older property right into your mortgage.

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