FHA 203(k) purchase-plus-rehab: Limited vs Standard, consultants, and eligible work. The 2 Mortgage Guys at Luminate Bank, lending nationwide.
Home
FHA Loans
FHA 203(k)
An FHA 203(k) loan lets you finance the purchase (or refinance) of a home PLUS eligible renovations in a single mortgage. Limited 203(k) covers smaller cosmetic and non-structural work; Standard 203(k) handles larger rehab including structural repairs. Ryan and Steve help Indiana buyers compare Limited vs Standard and map the renovation budget into the loan.
One loan covers the home and the rehab — so you are not juggling a purchase mortgage plus a separate construction loan.
The right path depends on scope, timeline, and how much structural work the property needs.
203(k) works best when you have a clear vision for the property and a realistic rehab budget.
Planning the rehab early keeps your closing timeline realistic and your contractor ready to start.
Step
Related guides to help you compare options and move toward pre-approval.
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Ryan & Steve will walk through your renovation scope, compare Limited vs Standard 203(k), and map the rehab budget into one loan — before you write the offer.