FHA 203k Loan Limits 2024 - Maximum Amount Finder (2024)

Is there a maximum loan amount for FHA 203(k) loans?

Yes, the maximum FHA 203(k) loan amount is based on two key factors. First, the maximum rehabilitation portion depends on whether it’s a Limited 203(k) (capped at $35,000 for minor repairs) or a Standard 203(k) (for more extensive renovations). Second, the total loan amount, including the rehab costs, must not exceed the FHA loan limit for the county where the property is located. These county limits vary based on local housing market conditions.

• Standard 203(k) Loan: This option is intended for more extensive renovation projects. The maximum loan amount for a standard 203(k) loan is subject to the FHA loan limits for the county where the property is located. The total loan amount must fall within these limits, which means the sum of the purchase price and the estimated cost of repairs and renovations cannot exceed the FHA county limit.
• Limited 203(k) Loan: Formerly known as the Streamline 203(k) loan, this option is for less extensive repairs and improvements, with a maximum rehabilitation amount of $35,000. Like the standard 203(k), the combined total of the purchase price and rehab costs must remain within the county's FHA loan limits.
  These 203(k) loan limits ensure that you have access to sufficient funds for both purchasing and renovating homes, while still adhering to the overall county limits established by the FHA.

• Low-Cost Areas: In areas where housing costs are relatively low, the FHA sets a lower loan limit. This is often referred to as the "floor" limit.
• High-Cost Areas: In regions where housing costs are higher, such as major metropolitan areas, the FHA establishes a higher loan limit. This is known as the "ceiling" limit.

Whether you're considering a rehabilitation loan or a standard FHA 203B loan, the FHA 203K Loan Limit Findertool helps you quickly find the maximum loan limits for a specific area. Simply enter the location of your property, and the tool will instantly provide you with the current FHA loan limits for 1-to-4-unit properties in that county.

But that’s not all! Along with the loan limits, the lookup tool also connects you with a renovation specialist. Get personalized assistance and expert advice from a professional who knows the ins and outs of the FHA 203K loan process. From answering your questions to guiding you through the application process, your renovation specialist will help you every step of the way.

Start your property renovation with confidence. Try the FHA 203K Loan Limit Finder and see if your property falls below the maximum amount that can be financed with an FHA Loan.