What is an FHA 203(k) loan?

An FHA 203(k) loan lets you finance the purchase (or refinance) of a home and the cost of renovating it in a single mortgage with one monthly payment. It is ideal for buying a fixer-upper or updating a home that needs work.

What is the difference between a Limited and a Standard 203(k) loan?

A Limited 203(k) covers non-structural repairs and improvements up to $75,000 with no minimum and no required HUD consultant. A Standard 203(k) is for major or structural work, requires at least $5,000 in repairs, and uses a HUD-approved 203(k) consultant to oversee the project.

Do I have to live in the home to use a 203(k) loan?

Yes. The FHA 203(k) program is for owner-occupants who will use the property as their primary residence. Eligible properties include 1–4 unit homes, qualifying condos, and primarily residential mixed-use properties. Investors can explore the Fannie Mae HomeStyle renovation loan instead.

Can I do the renovation work myself?

No. FHA 203(k) repairs must be completed by a licensed contractor, not the borrower. That is where a 203(k)-experienced contractor like Matrix Company Solutions handles design, permits, budgeting, and construction.

What credit score and down payment do I need for a 203(k) loan?

Many lenders look for a credit score of 580 or higher to qualify for the 3.5% minimum down payment. Final eligibility, rate, and terms are determined by your FHA-approved lender.

Does Matrix Company Solutions serve my area?

Yes. Matrix Company Solutions is a licensed 203(k) renovation contractor serving Philadelphia and surrounding counties, South Jersey, and Southwestern Pennsylvania.

Philadelphia & South Jersey

Certified 203(k) Contractor in Philadelphia

Licensed · Insured · FHA-Approved · 25+ Years Experience

Matrix Company Solutions Corp. is a certified 203(k) contractor serving Philadelphia, South Jersey, and surrounding counties. We handle everything from initial estimate and permit submission to final inspection — one team, start to finish.

Free 203(k) Consultation (215) 501-7566

Certified 203(k) Contractor Program Hundreds of Completed Projects No Job Too Big or Too Small

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Matrix Company Solutions Corp.

Certified by the 203(k) Contractor Certification Program. Licensed and insured in Pennsylvania and New Jersey.

25+Years Experience

200+Projects Done

PA & NJLicensed

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Our Services

What We Build as Your 203(k) Contractor

From whole-home gut renovations financed under a Standard 203(k) to targeted kitchen and bathroom upgrades under a Limited 203(k), we cover every scope of work.

203(k) Renovation

Turn any fixer-upper into your dream home. We manage the full renovation scope under your 203(k) loan — from structural work to cosmetic finishes.

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3rd Floor Addition

Need extra space without sacrificing your yard? We design and build third-floor additions on Philadelphia rowhouses, adding bedrooms, offices, or suites.

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Kitchen Remodeling

We've remodeled hundreds of kitchens in Philadelphia. Custom cabinetry, quartz counters, new layouts, and everything in between — all 203(k)-eligible.

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Bathroom Remodeling

Full bathroom gut-and-rebuilds or targeted upgrades. Licensed plumbers and tile setters, permit-ready drawings, and finishes that hold up.

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Basement Remodeling

Turn unused below-grade space into a finished living area, home office, or rental unit. We handle waterproofing, egress windows, framing, and finishes.

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Design & Build

Our in-house architects and designers produce 2D/3D plans, permit sets, and construction drawings — all under one roof so nothing gets lost in translation.

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How It Works

What Is a 203(k) Loan and How Does It Work?

The FHA 203(k) is the only government-backed loan that lets you buy or refinance a home and include renovation costs in a single mortgage — ideal for fixer-uppers and aging Philadelphia rowhouses.

Buy a Fixer-Upper and Fix It — One Loan

Found the perfect house in the right neighborhood but the kitchen is stuck in 1975 and the bathroom needs gutting? With a 203(k) loan you purchase the property and roll the renovation budget into a single low-interest FHA mortgage.

Purchase or refinance — works for new buyers and existing homeowners alike.
Expand your search — properties that need work are less competitive and often priced below market.
One low-interest FHA rate — instead of a purchase loan plus a separate high-interest renovation loan.
Finance up to 6 months of mortgage payments — so you're not paying rent and a mortgage simultaneously while renovations are underway.

Limited 203(k)

Cosmetic & Minor Repairs

Up to $75,000 in improvements. No structural work. Ideal for kitchens, bathrooms, flooring, paint, and system upgrades.

Standard 203(k)

Full Renovation & Structural

No cap on renovation costs (up to FHA loan limits). Covers structural repairs, additions, room reconfiguration, and major system overhauls.

The Process

How the 203(k) Renovation Process Works

Three common questions our clients ask before starting a 203(k) project — answered in detail.

What’s the Difference Between a 203(k) Consultant and a 203(k) Contractor?

On a Standard 203(k) project, you need both. They play different roles and neither can replace the other.

The Contractor (Matrix) prepares the renovation estimate, executes all construction work, and draws payments from escrow as phases complete.
The Consultant inspects the property, reviews the estimate, verifies the work meets minimum FHA housing standards, and authorizes draw releases to your lender.
No money upfront — the renovation budget goes into escrow at settlement. The Contractor is paid in draws as work is verified and approved by the Consultant.

Home Inspection

Should I Get a Home Inspection With a 203(k) Loan?

Yes — absolutely. A home inspector checks water and drain lines, the electrical panel, the roof, and every major system. That report lets us give you a more accurate renovation estimate and dramatically reduces surprises once construction starts. Always get the inspection.

Mortgage Payments

Do I Pay My Mortgage While the House Is Being Fixed?

Your first payment isn't due until the month after the first full month post-settlement. The loan also lets you finance up to six months of mortgage payments directly into the loan amount — so you're not paying both rent and a mortgage while renovations run. Ask your contractor for an accurate timeline, then finance accordingly. We recommend adding one extra month as a buffer for unexpected delays.

Our Portfolio

Completed 203(k) Projects in Philadelphia

Certified by the 203(k) Contractor Certification Program, we have completed hundreds of successful renovation projects across Philadelphia and surrounding areas. Here's a selection.

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Hear From Our Clients

Real Results From Real Philadelphia Homeowners

We've completed hundreds of 203(k) renovation projects in Philadelphia and the surrounding areas. Here's what our clients have to say.

200+

Projects Completed

25+

Years in Philadelphia

★★★★★

5-Star Reviews

Why Choose Matrix as Your 203(k) Contractor?

Satisfaction Guarantee

We've completed hundreds of successful 203(k) renovation projects in Philadelphia. Our client reviews speak for themselves — ask us for references.

Certified by the 203(k) Program

We are formally certified by the 203(k) Contractor Certification Program, meaning we understand the FHA rules, draw processes, and compliance requirements inside out.

A True One-Stop Shop

Design, permits, construction, inspections, and draw management — all under one roof. Whether you're a new homebuyer or an existing homeowner, we guide you from contract to certificate of occupancy.

Permits and Compliance — Handled

We submit and manage all Philadelphia L&I building permits, trade permits, and any zoning filings required by your renovation scope. Nothing falls through the cracks.

Clear Timelines, No Surprises

We give you a detailed project schedule before construction starts and communicate with you throughout. Knowing how many mortgage payments to finance starts with an accurate contractor timeline — we provide that.

Free Consultation

Call or fill out our form and an experienced project manager will assess your situation and walk you through the steps — at no cost and no obligation.

FAQs

Certified 203(k) Contractor FAQs

What is a 203(k) Construction Loan?

A FHA 203(k) loan allows you to purchase a house and receive additional funds for construction and renovation in a single mortgage. If you find a home in the right neighborhood that needs significant work, the 203(k) lets you buy it and fund the renovations — all at one FHA-backed interest rate. It can be used to modernize kitchens, gut bathrooms, repair structural issues, and more.

Is a 203(k) Consultant the same as a 203(k) Contractor?

No — they are separate roles. On a Standard 203(k), you need both. The Contractor (Matrix) prepares the renovation estimate, executes the work, and is paid in draws from escrow. The Consultant independently inspects the property, reviews the estimate for FHA compliance, and authorizes each draw release to the lender. No money is given to the Contractor upfront — funds are released only as verified work is completed.

Should I get a home inspection before starting a 203(k) project?

Absolutely yes. A home inspector checks plumbing lines, the electrical panel, the roof, HVAC, and every major system. That inspection report gives us the information we need to produce a more accurate renovation estimate — and dramatically reduces the number of unexpected conditions we find once construction begins. Always get the home inspection.

Do I have to pay my mortgage while the house is being renovated?

Your first mortgage payment is not due until the first day of the month following the first full month after settlement. Additionally, the 203(k) loan allows you to finance up to six months of mortgage payments directly into the loan — so you're not paying rent and a mortgage at the same time while renovations are underway. The exact number of months to finance depends on the contractor's timeline; we recommend adding one extra month as a construction buffer.

What is the difference between a Limited and Standard 203(k) loan?

The Limited 203(k) covers cosmetic and non-structural improvements up to $75,000 — ideal for kitchen and bathroom upgrades, flooring, painting, and system replacements where no walls are moving. The Standard 203(k) has no renovation cost cap (up to FHA county loan limits) and covers structural repairs, room reconfiguration, additions, and major system overhauls. A Consultant is required on Standard projects but not always on Limited ones.

Ready to start your 203(k) project?

Talk to an experienced 203(k) contractor — free, no obligation. We'll walk you through the loan type, scope of work, and rough cost for your specific property.

Free 203(k) Consultation Call (215) 501-7566

Free Consultation

Get a Free 203(k) Consultation

Call one of our experienced project managers or fill out the form. We'll assess your situation and give you step-by-step details for your renovation project — at no cost.

(215) 501-7566

Start Your Free 203(k) Consultation

A project manager will follow up within one business day.

There’s no job too big or too small for our certified 203(k) team.

Call us today or book a free consultation online. A project manager will contact you within one business day.

Free 203(k) Consultation Call (215) 501-7566

203(k) Service Areas

Philadelphia, PA
Bucks County, PA
Montgomery County, PA
Delaware County, PA
Chester County, PA
Camden County, NJ
Burlington County, NJ
Gloucester County, NJ
Salem County, NJ

203(k)-Eligible Services

Full Home Renovation (Standard 203k)
Kitchen Remodeling
Bathroom Remodeling
3rd Floor Addition
Basement Remodeling
Structural Repairs & Reinforcement
Electrical, Plumbing & HVAC Updates
Roofing & Window Replacement
Architectural Design & Permit Sets