The FHA 203k loan lets you finance a fixer-upper AND the renovations — with just 3.5% down. Meet The Rehab Man, the team that's overseen thousands of these loans across the country.
You found a house with great bones in the neighborhood you want. But the kitchen is from 1982, the roof needs replacing, and the bank says "come back when it's move-in ready."
That's the catch-22 of fixer-uppers — the homes with the most potential are the ones nobody will finance.
That's exactly what the FHA 203k loan solves. And it's what we've built our entire business around.
Purchase price + renovation costs, wrapped into a single 30-year FHA mortgage. No second loan, no credit card debt, no juggling contractors. You make one payment, just like any normal mortgage.
Your down payment is 3.5% of the total — purchase + rehab combined. And because the appraisal is based on what the home will be worth AFTER the renovation, you build real equity from day one.
The Limited 203k now covers up to $75,000 in improvements — recently raised from $35,000. Bigger projects? The Standard 203k has no rehab cap at all, as long as the total loan stays within your county's FHA limit.
Tired of getting outbid on move-in ready homes? A 203k loan opens up every fixer-upper in your price range — and lets you customize it to your taste from day one.
See how it works for buyers → Investors & House Hackers203k works on 2–4 unit properties. Put 3.5% down on up to a four-flat, renovate it, live in one unit, rent the others. Instant equity. Real cash flow.
See how it works for investors → RealtorsPartner with The Rehab Man and we'll co-market to your sphere, run Lunch & Learns for your team, and send you exclusive leads from paid ads.
See the partner program →Three illustrative scenarios across the Chicago market. All figures below are sample scenarios for illustration only — not actual client files.
Most loan officers have done a handful of 203k loans and call themselves "experienced." Jay Boetscher has overseen thousands of them — and built a nationwide team to keep that level of expertise going.
No mystery, no jargon. Six steps from first call to move-in day.
60 seconds online or 5 minutes on the phone. Soft credit check, no impact on your score. You walk away knowing your buying power.
Foreclosures, short sales, homes with deferred maintenance, dated interiors. Everything's open to you now.
A HUD-approved consultant walks the property (for Standard 203k) and helps plan the scope. Contractors submit bids. We'll help you find one if you don't already have someone.
The appraisal is based on what the home will be worth AFTER the renovation — not its current condition. That's how you get instant equity.
One closing. You pay your down payment and closing costs. Purchase funds go to the seller. Renovation funds go into a lender-controlled escrow.
Your contractor gets paid from escrow as milestones are hit and inspected. You never front cash for the work. When it's done, the home is yours.
No — anyone buying a primary residence qualifies. 203k works for first-time buyers, repeat buyers, and homeowners refinancing to renovate.
580 for 3.5% down. 500–579 works with 10% down. We work with scores other lenders turn away.
Limited self-help is allowed, but most rehab must be done by licensed, insured contractors. You also can't pay yourself for your own labor from the loan proceeds.
About 45–60 days. A bit longer than a regular FHA loan because of the extra inspections and contractor coordination.
Nope. We have a vetted network of contractors nationwide who know the 203k draw schedule, which matters a lot more than most buyers realize.