Oscar Castillo
"Residential" Real Estate

What is an FHA 203K loan ?


Have you heard of the FHA 203K mortgage loan designed to monetarily assist recent buyers with the reality of they themselves re-doing and/or upgrading a home they just purchased?  In addition to the re-do or upgrading, these homes are in fact contributing to a "Community revitalization" efforts at the same time?

        FHA 203K Loan San Diego Realtor Listing and Buyer agent         FHA 203K Loan San Diego Realtor Listing and Buyer agent








This 203K loan program is not a program to purchase a new home - it is designed to borrow funds in addition to the Mortgage/Loan that the buyer recently received to purchase an existing property that is considered a “semi” fixer upper or a “major” fixer upper.  If you choose to accept the challenge of buying a fixer-upper home, or one that needs your personal touch with a little updating plus the added responsibilities associated to do the home improvement , then here is your opportunity to remodel and improve the home you have selected to buy.  Best of all the repairs and remodeling can be done to your wants, needs and taste.

Sounds good so far?     While home shopping,  have you ever walked into a home and said to yourself  “Wow this house needs a lot of work and/or a little updating,  but if I can get it at a certain reduced price then I would not mind taking on the challenge of fixing it up?"... well a loan to help you do this "fixing up" does exist and this type of rehabilitation (restoring) loan is exactly what the FHA 203K program is set up to do.

Keep-in-mind that the number of distressed sales (Short Sales and Bank owned REO’s) are on the decrease and those "great deals" that were associated with a Short Sale or a Foreclosed home - have all but vanished. 

For the most part,  these distressed homes do need a little help or in some cases a major rehab is necessary.  Buyers everywhere who are utilizing the FHA 203K loan program are in a great position put together how their dream home will eventually look.

As of late, existing homeowners are also renovating with a re-do or remodel of their current home or investment property.

If you want to look into the opportunity of the 203K loan and how to go about getting one... make it a point to contact Oscar Castillo - Broker Associate REALTOR®.

If you are a First Time Home Buyer,  I can consult you with further detail and together we can see if this type of program is something you might want to pursue.

Knowing that you may have questions or need further clarification in regards to this FHA 203K program,  I have put together a list of “Frequently Asked Questions”  by buyers, like you, who have heard little of the 203K rehabilitation (restore) program or simply did not even know that such a home restoring home loan program even existed …..  Make it a point to look at the helpful links listed below.


 FAQ's about the FHA 203K loan program San Diego Realtor     - Frequently asked questions -


What is an FHA 203K Loan?

FHA 203K loans available in 2-Types

What are the benefits of using the FHA 203K loan?

Advantages and Disadvantages of a 203K loan

What are the recommended steps to purchase a home using the 203K loan?

How is a 203K loan different from other Home loans?

Can I purchase a home using a 203K loan?

Can I refinance my existing mortgage loan into an FHA 203K loan?

Can I do the work myself if I get a 203K loan?

What repairs and/or modifications are acceptable for an FHA 203K loan?

Is there required improvements on an FHA 203K loan?

Eligible property types - for a 203K loan

What improvements are eligible and ineligible under the "Streamlined" 203K loan?

Appraisal - What is taken into consideration on a 203K loan?

What if an architect is to be used in a 203K loan?

What is the maximun mortgage amount on a 203K loan?

How do Contractors get paid utilizing an HA 203K loan?

What is a Certified 203K Contractor?

Will my mortgage lender inspect the repairs and improvements?

What is HUD's (Dept. of Housing & Urban Developement) involvement in the 203K program?

Definitions - for use in the 203K program


FHA 203K loan program FAQ,s (shorter answers)



If you have any questions about this FHA 203K mortgage program,  feel free to contact me anytime....  I will always make it a point to make myself available for you.


Oscar Castillo 

(858) 775-1057    email   Oscar@OscarSellsHomes.com


                               FHA 203K home loan program San Diego Realtor  






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