Q&A: Is there an income limit on 203k renovation mortgage loans?

Posted on Aug 21, 2012 in FHA Information

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Question by QandA: Is there an income limit on 203k renovation mortgage loans?
I know theres limits on a regular FHA mortgage, cure was curious if the same standards apply.

Best answer:

Answer by glenn
There is not an upper limit on income for an FHA 203 K or a more common FHA 203b. These are not subsidized loans. You do have to make enough money to qualify for the payments.

a 203 K is to help with renovation. You have to come up with solid bills (not simply rough estimates) for the repairs and sometimes these can be pretty much impossible to come up with. But if the house works out and the lender knows what they are doing and the seller is willing to have patience and you as a buyer understand how this works- it can be done.

What do you think? Answer below!

5avg.rating 26 votes.


  1. There is NO maximum income limit for a regular FHA mortgage (203b) or for the FHA 203k mortgage.

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  2. There is no income limit on any FHA loan. 203k financing and qualifying is exactly the same as a standard FHA loan.

  3. As stated in the other responses, there is no income limit.
    You need to have a team of pros that are experienced with this loan, and that includes the contractor.
    Using a contractor who is trained with working with the 203k loan, from a site such as 203k contractors.com, will get you on the right path. If you are looking to use the 203k Streamline loan (under $ 35k non-structural repairs), make sure you use a lender who also does the 203k Standard (handles the bigger jobs). If you go over budget, you may have to flip from the Streamline to the Standard and not all lenders do the 203k Standard. Get your selected contractor out to see the property before you make an offer to buy. Tell them what you want done, and they’ll give you a bid, than talk it over with your lender to make sure the repairs are feasible with the selected 203k program. If it goes well from there, make your offer. There’s some due diligence on the buyer’s end when dealing with the 203k loans, but it can be well worth it if it’s the right deal. Best of luck.

  4. There are no “income limits for a FHA 203k loan. You qualify just as you would a regular loan plus the amount for the improvements to the property.