203k Done YOUR Way

Economically Rehabilitating The
Community One house at a time

What is 203k?

The Section 203(k) loan program is HUD’s primary program for the rehabilitation and repair of single family properties. Section 203(k) loans are provided through HUD-approved mortgage lenders nationwide and insured by the Federal Housing Administration (FHA), which is part of HUD. “Section 203(k)” refers to the law, part of the National Housing Act, which allows FHA to make this mortgage insurance available. The loans are beneficial for low- and moderate-income individuals or families since the loan downpayment can be as little as 3 percent. While individuals, local governments, and non-profit organizations may participate as borrowers in the program, the property must be used as a principal residence by an individual or family.

Eligible Home Improvements

The Section 203(k) loan covers a range of home improvements. These include, but are not limited to, the following:

Remodeling bathrooms or a kitchen, including new built-in appliances
Replacing a roof, gutters, and downspouts
Adding a family room, bedrooms, or bathrooms
Replacing flooring, tiling, or carpeting
Completing a basement or attic conversion or adding a second story
Expanding or building a garage or carport
Renovating a deteriorating property, such as repairing a chimney, termite damage, or structural problems
Upgrading plumbing, heating, air conditioning, or electrical wiring
Eliminating health and safety hazards, such as removing lead-based paint
Making the home accessible to the disabled
Installing a well or a septic system
Adding a porch, deck, or patio
Adding or repairing siding or repainting
Installing energy efficient windows or doors
Repairing an existing swimming pool

PROGRAM OBJECTIVES:

The 203k Done YOUR Way Program was created to assist in showing the possibilities available when utilizing the FHA 203k Loan to purchase a house and renovate it. First, we will educate you about the possibilities and the process. Then we will guide you through the entire process, ultimately ending with you moving into your newly renovated home.

There is no secret that the DC Metro Area suffered extreme financial losses due to the home foreclosure rate. Foreclosed property has consistently been placed on the market for sale since the housing market dropped in 2008. Those often vacant houses pull the overall value down in the community. Communities need someone to step in and bring these houses back to living standards. By partnering with the 203k Done YOUR Way Program to purchase one of these houses, not only will you move into your custom designed renovated home, you will be helping to economically rehabilitate the community one house at a time.