Proudly serving Ohio & Tennessee
What Is an FHA 203(k) Loan?
An FHA 203(k) loan combines your home purchase and renovation costs into a single mortgage. Instead of getting a mortgage plus a separate construction loan, you finance everything together.
This program is perfect for buyers who want to purchase a fixer-upper and turn it into their dream home, or homeowners who want to refinance and renovate their current property.
At Kimble Smith Mortgage, we specialize in FHA 203(k) loans across Ohio and Tennessee, with a special focus on Memphis neighborhoods.
FHA 203(k) Benefits
- Down payment as low as 3.5%
- Finance purchase + renovation in one loan
- Lower credit score requirements than conventional
- Competitive interest rates
- Can be used for 1-4 unit properties
- Includes funds for temporary housing if needed
Two Types of FHA 203(k) Loans
Choose the right program based on your renovation scope
Standard 203(k)
For major renovations exceeding $35,000 or structural repairs. Requires a HUD-approved consultant to oversee the project.
- No maximum repair limit
- Structural changes allowed
- Room additions permitted
- HUD consultant required
- More complex process
Limited 203(k)
For minor repairs under $35,000 and cosmetic updates. Simpler process without the need for a HUD consultant.
- Maximum $35,000 in repairs
- Cosmetic updates only
- No structural changes
- No HUD consultant needed
- Faster, simpler process
Eligible Improvements
FHA 203(k) loans cover a wide range of home improvements
Memphis FHA 203(k) & Down Payment Assistance Focus
We specialize in helping buyers in Memphis neighborhoods access FHA 203(k) renovation loans combined with down payment assistance programs. These communities offer incredible opportunities for homeownership.
Binghampton
38112Arts district revitalization with charming bungalows
Orange Mound
38114Historic African American neighborhood with rich heritage
University/Normal Station
38111Near U of M with Craftsman homes
Whitehaven/Oakhaven
38116Established suburb with renovation potential
North Memphis/Uptown
38107Urban renewal area with investment opportunities
Klondike
38108Growing community with affordable fixer-uppers
How the FHA 203(k) Process Works
Find a Property
Identify a home with renovation potential
Get Pre-Approved
We review your finances and determine loan amount
HUD Consultant
For Standard 203(k), work with a HUD consultant
Loan Closes
Funds go to escrow for renovation work
Renovation Done
Funds released as work is completed
FHA 203(k) FAQs
Buy & Renovate
Get Pre-Qualified for Your 203(k) Project
The FHA 203(k) combines your purchase and renovation costs into a single loan. Kimble will help you determine which program fits your project, connect you with an approved contractor if needed, and guide you through this specialized loan process from start to finish.
Get Pre-Qualified for an FHA 203(k) Loan
Buy and renovate in one loan — tell us about your project.
Ready to Buy and Renovate?
Contact Karinzo Smith today to explore your FHA 203(k) options
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