Both are FHA renovation loans. Both let you buy and rehab with one mortgage. Here's how to pick the right one.
| Limited 203k | Standard 203k | |
|---|---|---|
| Max renovation amount | $75,000 | No cap (up to county FHA loan limit) |
| Structural work allowed? | No | Yes - additions, moving walls, foundation |
| HUD consultant required? | No | Yes |
| Minimum renovation cost | No minimum | $5,000 |
| Timeline to complete work | 6 months (can't be displaced >15 days) | Up to 12 months |
| Typical close time | ~45 days | 60+ days |
| Paperwork & complexity | Moderate | Significant |
When you pre-qualify with us, one of the first things Jay and his team do is walk through your project. Sometimes a buyer thinks they need a Standard 203k and they don't - which saves weeks and thousands in fees. Sometimes it's the opposite: the scope is bigger than they realized, and a Limited would cap them out.
Either way, we'll tell you the truth.
