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203(k) Qualifier
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FHA 203(k) Loan Questions, Answered
The essentials before you take the next step.
What is an FHA 203(k) loan? +
An FHA 203(k) loan rolls the purchase (or refinance) of a home and the cost of renovating it into one mortgage with a single monthly payment. It's the smart way to buy a fixer-upper or update a home that needs work — without juggling separate construction financing.
Limited vs. Standard 203(k) — what's the difference? +
A Limited 203(k) covers non-structural repairs and upgrades up to $75,000, with no minimum and no required HUD consultant. A Standard 203(k) handles major or structural work, requires at least $5,000 in repairs, and uses a HUD-approved 203(k) consultant to oversee the project. Your answers in the wizard above point you to the right one.
Do I have to live in the home? +
Yes — the 203(k) program is for owner-occupants using the property as their primary residence (1–4 units, eligible condos, or primarily residential mixed-use). If you're an investor, ask us about the Fannie Mae HomeStyle renovation loan, which Matrix also handles.
Can I do the renovation work myself? +
No. FHA requires the work to be completed by a licensed contractor. That's exactly where Matrix Company Solutions comes in — we manage design, permits, budgeting, and construction from start to finish.
What credit score and down payment do I need? +
Many lenders look for a score of 580+ to qualify for the 3.5% minimum down payment. Final eligibility, rate, and terms are set by your FHA-approved lender — and we can connect you with 203(k)-experienced loan officers.
Do you serve my area? +
Yes. Matrix Company Solutions is a licensed 203(k) renovation contractor (PA & NJ) serving Philadelphia and surrounding counties, South Jersey, and Southwestern Pennsylvania.