Pros and cons of FHA 203(k) loans for fixer-upper buyers

Written by Samantha SheltonNMLS 1647301Updated October 2026

An FHA 203(k) loan rolls a home’s purchase price and its renovation budget into one mortgage, with one closing and as little as 3.5% down at a 580 credit score. The Limited version finances up to $75,000 of non-structural work, HUD raised that ceiling from $35,000 for case numbers assigned on or after November 4, 2024, while the Standard version starts at $5,000, allows structural work, and can finance up to 12 months of mortgage payments when the home can’t be occupied.

The tradeoffs are equally concrete: at 3.5% down FHA’s annual premium runs the full loan term, the scope must be bid and approved before closing, a Standard 203(k) requires a HUD-approved Consultant, and work you do yourself is reimbursed for materials only.

Learn where the pros and cons of FHA 203(k) loans land, including how the Standard and Limited versions differ, what the mortgage insurance costs over 30 years, and when a conventional renovation loan fits better. Still mapping the landscape? Start with our Loan Types & Programs guide.

Key takeaways:

• One loan, one closing, 3.5% down: A 203(k) finances purchase and renovation together at 3.5% down with a 580 credit score, so you skip a second high-rate loan.
• The Limited version now covers $75,000: HUD more than doubled the Limited 203(k) cap from $35,000 to $75,000 in late 2024, and the Standard version has no separate renovation cap, only a $5,000 floor.
• The mortgage insurance can last all 30 years: At 3.5% down the 0.55% annual premium runs the full mortgage term, versus 11 years at 10% down. Which is why most 203(k) borrowers plan to refinance later.

What is an FHA 203(k) loan?

An FHA 203(k) loan is a government-insured mortgage that finances the purchase or refinance of a one- to four-unit home and the cost of rehabilitating it, in a single loan closed before any work begins. The renovation money doesn’t go to you at closing. It goes into a rehabilitation escrow and is released in draws as work is inspected.

HUD built it for the case where a conventional loan fails: a house that won’t appraise or pass inspection until someone fixes it, and a buyer without cash for the fixes. A property ineligible for a regular FHA loan because of health, safety or security problems can still qualify under 203(k) if the planned work corrects them.¹ There are two versions, and choosing the wrong one is the most common early mistake.

The Limited 203(k) also carries tripwires that quietly push a file into Standard territory: work running past nine months, more than four draw requests to any one specialized contractor, appraisal-driven repairs needing architectural exhibits, or any repair keeping you out of the house more than 30 days total. Our overview of how renovation loans work covers these mechanics, and our FHA loans hub explains the underwriting beneath them.

What can 203(k) money pay for, and what is left out?

HUD’s list of Limited 203(k) improvements, as reprinted in Mortgagee Letter 2026-06 (June 23, 2026), includes accessibility work, fences, walkways and driveways, new kitchen appliances and a washer and dryer, repairing or removing an in-ground pool, smoke detectors, decks, patios and porches, and lead-based paint stabilization on a structure built before 1978. A patio or deck must raise the home’s as-is value by the dollar amount spent on it, and that value comes from the appraiser (see how the home appraisal process works).

Lead work has its own federal rule. EPA’s Renovation, Repair and Painting Rule requires anyone paid to disturb painted surfaces in a home built before 1978 to be certified, and EPA estimates that about three-quarters of U.S. homes built before 1978 still contain some lead-based paint (page last updated June 17, 2026). On the older houses covered in our guide to buying a historic home, ask each bidder for that certification, and put paint condition on your home inspection checklist.

On the Standard side, HUD’s Program Comparison Fact Sheet (revised November 4, 2024) lists structural projects a Limited loan cannot touch: converting a one-family house into two, three or four units, elevating an existing foundation, and moving a house onto a new foundation on another site. An accessory dwelling unit qualifies only if it is attached to the existing structure.

Per the Mortgagee Letter 2024-13 text (July 9, 2024), a Limited 203(k) cannot finance architectural or engineering fees or a feasibility study, so a project needing drawings belongs on the Standard version. And under 24 CFR 203.50, the home must have been completed more than one year before the application for mortgage insurance and approved for insurance before rehabilitation begins, so the work waits for the loan.

What are the advantages of an FHA 203(k) loan?

The headline advantage: 3.5% covers both the house and the work, one down payment, one closing, one payment, at mortgage rates rather than credit-card rates.

• One loan instead of two: Purchase price and renovation budget are underwritten together and closed once, so you aren’t stacking a second loan on a mortgage you just took out, and you pay one set of closing costs.
• 3.5% down, and 10% down even with damaged credit: A minimum decision credit score of 580 or higher qualifies for maximum financing at 96.5% loan-to-value; scores of 500 to 579 stay eligible at 90% LTV. Few renovation products reach that far down the credit spectrum.
• You borrow against the finished house, not the broken one: The appraiser values the property as-completed, so the loan is sized on what the home will be worth after the work up to 110% of that after-improved value.
• The Standard version can carry you while you’re displaced: If the home can’t be occupied during construction, a Standard 203(k) can finance up to 12 months of mortgage payments, so you aren’t paying rent and a mortgage at once.

Energy improvements get a carve-out too: on a Limited 203(k), eligible energy items sit on top of the $75,000 limit rather than inside it. Our look at the benefits of FHA 203(k) loans covers the upside, and HUD’s overview of FHA loan programs is the official starting point.

What are the drawbacks of an FHA 203(k) loan?

The biggest drawback is priced monthly and permanently: at 3.5% down, FHA’s 0.55% annual mortgage insurance premium runs the entire mortgage term, not until you hit 20% equity. Put 10% or more down and it ends after 11 years instead.

• Mortgage insurance on both ends: FHA also charges an upfront premium of 1.75% of the base loan amount, usually financed into the loan. Conventional private mortgage insurance behaves differently; the CFPB explains how mortgage insurance affects your monthly payment on conventional loans, where coverage is cancellable as equity builds.
• Everything is decided before you close: Bids, scopes and costs are locked into the loan up front. Rethinking the kitchen in month two means a change order, re-inspection and possible re-underwriting.
• Owner-occupants only: Investment properties aren’t eligible for FHA insurance outside narrow exceptions for HUD-approved nonprofits and HUD-owned homes, and at least one borrower must occupy the home within 60 days of signing the security instrument and intend to stay a year. A clock HUD lets 203(k) files run differently, since the point of the program is that the house often isn’t livable on day one.
• A Consultant and a paperwork layer on Standard files: Every Standard 203(k) requires an FHA-approved 203(k) Consultant for the work write-up and cost estimate, plus a lender contractor-credential review. It protects you. It also adds cost and calendar.
• Draws, not cash: Funds sit in a rehabilitation escrow and are released in inspected draws, and the count is tight: a Limited 203(k) allows a maximum of four draw requests per contractor, a ceiling HUD raised from two in June 2026, while a Standard 203(k) allows five in total, four intermediate and one final. It’s a rhythm contractors new to 203(k) rarely price for.
• The county loan limit caps the whole package: Purchase price and renovation costs are financed together, so they compete for the same ceiling.

Can you do the work yourself on a 203(k)?

Sometimes, but almost never the way people picture it. FHA does let a borrower act as their own general contractor or do their own work under a Rehabilitation Self-Help Agreement, with lender approval documented in the file. To qualify you must be a licensed general contractor or document real experience finishing rehab projects.

Here’s the part that ends most sweat-equity plans: the cost estimate must state labor and materials for each work item, but only materials are reimbursed. Your labor carries no financeable value, so doing it yourself doesn’t increase what you can borrow, it just moves the schedule onto your shoulders. For most buyers, hiring the work out and comparing typical contractor cost ranges for renovation projects is faster.

What to tell the seller before you write the offer

A 203(k) takes longer to close, and a seller who learns that after accepting your offer is the most common reason these deals collapse. Lenders in Align’s network generally quote 45 to 60 days versus roughly 30 on a standard FHA file, because contractor bids, credential reviews, the as-completed appraisal and, on Standard files, a Consultant assignment all come first. Put the timeline in the offer, not after: sellers routinely accept it when the tradeoff is a buyer who can actually close on a house needing $60,000 of work. What they don’t forgive is finding out in week three. Our FHA loan tips cover competing on more than price.

How does 203(k) money move from escrow to the contractor?

Mortgagee Letter 2026-06 (June 23, 2026) spells out the mechanics. On a Limited 203(k), the draws per contractor are an initial draw at closing, no more than two intermediate draws and a final draw, and each draw may be split into up to two disbursements without counting as an extra draw. The lender must release funds within five business days of a properly executed draw request. Unlike the account in our guide to mortgage escrow accounts, this rehabilitation escrow empties as the work is finished.

According to the same letter, when total Limited repair costs are $15,000 or less, the lender can rely on contractor receipts or a signed Borrower’s Letter of Completion; above $15,000, the lender must inspect the work or have a third party do it. On a Standard 203(k) the lender issues checks to you and the contractor as co-payees unless you authorize direct payment in writing at each draw, while a Limited lender may pay the contractor alone.

Scope is where these files get hard. Samantha Shelton, Align’s broker owner, described a renovation that got difficult this way: “‘Well, while we’re doing that, maybe we should also do this.’ And then this turns into something else.”

How much does the Consultant add to a Standard 203(k)?

The Consultant is the con on a Standard 203(k) that comes with a price. HUD caps the fees in Mortgagee Letter 2024-13 (July 9, 2024, for case numbers assigned on or after November 4, 2024). According to HUD’s announcement, those caps had not changed since 1995. The work write-up is capped at $1,000 for repairs of $50,000 or less, and the cap rises with the repair total to no more than $2,000. Each draw inspection is capped at $375, so a project paid out in more draws carries more inspection fees. A change order is $120, and a reinspection that you or the lender ask for is $225.

A Limited 203(k) does not require a Consultant, but one may be used and the fee can be financed. That is one reason the Limited version costs less to run. The full schedule, including feasibility studies, extra units and mileage, is in our renovation loan guide.

A Consultant in HUD’s 203(k) Consultant lookup has met FHA’s qualifications, but per the ML 2024-13 text, roster placement “does not create or imply a warranty or endorsement by FHA,” and Consultants must recertify every two years to stay listed.

How does a 203(k) compare with a conventional renovation loan?

The trade is credit access versus mortgage insurance: a 203(k) reaches borrowers conventional loans won’t, and charges a premium that doesn’t cancel. Fannie Mae’s HomeStyle Renovation loan is the main alternative; Freddie Mac’s CHOICERenovation is its counterpart.

Read the second row carefully, because it flips the answer on larger projects. HomeStyle caps renovation costs as a percentage, while the Standard 203(k) has no renovation cap at all, only the FHA county limit and the 110% after-improved-value ceiling. On a modest house with an ambitious scope, a Standard 203(k) can finance more work than HomeStyle will. On an investment property or second home, HomeStyle wins by default, because FHA won’t insure it.

And if you already own the home with equity, a renovation refinance or second lien may beat both and skip the escrow-and-draw machinery, see refinancing for home improvements.

What else separates a 203(k) from HomeStyle and CHOICERenovation?

Fannie Mae’s Selling Guide section B5-3.2-02 (December 10, 2025) lets a HomeStyle loan finance up to six months of payments when a principal residence cannot be occupied during renovation, half of the 12 months a Standard 203(k) can carry. HUD’s fact sheet (revised November 4, 2024) adds that a 203(k) may be combined with Section 203(h) insurance for disaster victims, Energy Efficient Mortgages, and solar and wind technologies.

Freddie Mac’s CHOICERenovation, like HomeStyle a conventional loan, lists only purchase and no cash-out refinance transactions, and its eligible properties include 1-unit second homes and 1-unit investment properties.

Our Loan Estimate check reads a 203(k) Loan Estimate and a conventional one side by side.

Why did FHA rewrite the 203(k) rules in 2024 and 2026?

Use of the program had declined. According to Mortgagee Letter 2024-13, FHA published a request for information in the Federal Register on February 14, 2023, asked 15 questions about what kept lenders and borrowers away, and received 146 comments. The 2024 letter then raised the Limited ceiling, added an annual review of it alongside FHA’s yearly loan limit announcement, lengthened both rehabilitation periods and let Limited borrowers finance a Consultant’s fee. Our loan limits tool shows each county’s current FHA limit.

The 2026 change came from the other direction. Mortgagee Letter 2026-06 says that when the Limited cap rose to $75,000 with no change to the draw structure, larger disbursements for unfinished work put FHA’s Mutual Mortgage Insurance Fund at risk, and HUD reported lender feedback that the two-draw limit disrupted contractor cash flow, raising the risk of delays and abandoned projects. HUD cited that fund risk even though, as NAHB reported, FHA’s annual report put the fund’s capital ratio at 11.47% on September 30, 2025, well above the 2% Congress requires.

Is an FHA 203(k) loan right for you?

A 203(k) makes sense when the house you want is cheap because it’s broken and you don’t have cash to fix it. It stops making sense the moment either condition changes.

A 203(k) likely fits if your credit score sits between 500 and 660, you have 3.5% but not much more, or you’re buying a primary residence whose health-and-safety repairs block conventional financing. Look elsewhere if you have 20% down and strong credit, you’re buying a rental or second home, sweat equity is central to your budget, or you need to close in three weeks.

Here’s the math. Say you buy a $220,000 bungalow in Waterford needing $60,000 of non-structural work, appraising at $300,000 as-completed. Because $60,000 is under the $75,000 cap, the Limited version works. Your financeable total is $280,000 under 110% of the after-improved value ($330,000) and far under Michigan’s FHA limit. At 96.5% financing, your base loan is $270,200 and your minimum required investment is $9,800. The 1.75% upfront premium adds roughly $4,728, and the 0.55% annual premium runs about $124 a month in year one.²

Hypothetical example, not an offer. Actual rates, costs and payments vary.

What Michigan buyers should know

Michigan is close to an ideal 203(k) market: the limits are generous relative to what homes here cost.

• Every Michigan county sits at the FHA floor of $541,287: For 2026, all 83 Michigan counties carry the same one-unit FHA limit, $541,287, with $693,050 on a duplex. FHA sets its floor at 65% of the conforming baseline (now $832,750) and its high-cost ceiling at 150%, or $1,249,125. No Michigan county approaches the ceiling, so the floor is the number that matters. Our page on current FHA loan limits tracks the annual update.
• The cap rarely binds: HUD’s median sale price estimates for Michigan run $78,000 to $435,000 by county, $362,000 across Metro Detroit, $365,000 around Grand Rapids, $175,000 in Flint. Purchase plus renovation has real headroom before $541,287 matters.
• Older housing triggers a mandatory contingency reserve: On a Standard 203(k), a structure 30 years or older requires a contingency reserve of 10% to 20% of financeable repair costs. 15% to 20% if utilities aren’t operable at inspection. Across Detroit, Flint, Grand Rapids and the older ring suburbs, most candidate homes clear 30 years easily.
• Winter closes the work window: A nine-month Limited 203(k) period starting in October loses its exterior months, because roofing, siding, concrete and grading queue up for spring here. Sequence exterior items first on a fall closing.

What should Michigan buyers check before a 203(k) renovation starts?

The budget next to the price: HUD’s housing market analysis for Detroit-Dearborn-Livonia, which covers Wayne County, reported an average home sales price of $198,600 in that Wayne County market as of January 1, 2024. Next to prices like that, a $75,000 Limited budget is a large share of the house. Our guide to the advantages of buying a fixer-upper covers choosing the house.

Permits before work: HUD’s 203(k) fact sheet says the Consultant must make sure every required building permit is obtained before work begins. In Michigan, per the Bureau of Construction Codes, the owner or builder must apply in writing to the local enforcing agency before construction, and permit-free ordinary repairs cannot include cutting away a wall, removing a structural beam, or altering piping, wiring or mechanical work that affects public health or safety. See our guides to renovation permits and home insurance and renovations.

Licenses that match the work: LARA’s home improvement guidance (May 9, 2019) says residential builders, maintenance and alteration contractors, electricians, plumbers and mechanical contractors must hold a license that corresponds with the work. Two exemptions in MCL 339.2403 matter most to a buyer: a whole project whose aggregate contract price is under $600 and is not part of a larger operation, and owners working on a structure for their own use and occupancy. That owner exemption is a state licensing rule; a buyer planning do-it-yourself projects still has to meet FHA’s self-help standard described above.

Payments that follow the draws: The same LARA guidance describes a customary split for large jobs of one-third in advance, one-third halfway and one-third at completion. On a 203(k), the draw schedule in ML 2026-06 and the material advance of up to 50% of material costs in HUD’s fact sheet replace that split, so ask a Michigan contractor to price the job around the draws.

Property taxes after the purchase: In Michigan, a home’s taxable value is capped while one owner holds it. The year after it sells, that cap comes off and taxable value resets to the state equalized value, which is half of the assessor’s estimate of market value, not automatically half of what you paid, as the Michigan Department of Treasury explains. The repairs are treated separately: under MCL 211.27(2), the assessor may not count added value from normal repairs, replacement and maintenance on a home until it is sold again, a list that includes a new roof or siding, complete rewiring, insulation and removing partitions to enlarge rooms. Repairs that are part of a structural addition are not covered, so ask the assessor how an addition will be treated, and run the numbers in our Michigan property tax calculator.

FAQ: FHA 203(k) loans

Here are answers to common questions about FHA 203(k) loans.

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

The Limited 203(k) covers up to $75,000 in non-structural work, kitchens, baths, roofing, flooring, mechanicals, with lighter paperwork and no required HUD consultant. The Standard 203(k) handles larger projects including structural changes, additions and foundation work, requires a 203(k) Consultant to write the scope and oversee draws, and can finance up to 12 months of mortgage payments if the home is unlivable during construction. Standard files also carry a $5,000 minimum. Our breakdown of the benefits of FHA 203(k) loans compares them side by side.

Can you do the renovation work yourself with a 203(k) loan?

Only with lender approval, and only if you’re a licensed general contractor or can document real experience completing rehab projects. Even then the rehabilitation escrow reimburses materials only, your labor has no financeable value, and you sign a Rehabilitation Self-Help Agreement committing to the schedule. If sweat equity is central to your plan, a conventional renovation loan or a home equity product after closing usually fits better; see how renovation loans compare.

How long does an FHA 203(k) loan take to close?

Lenders in our network typically quote 45 to 60 days, sometimes longer, versus roughly 30 days for a standard purchase. The extra time goes to collecting contractor bids, reviewing contractor credentials, having the appraiser value the home as-completed, and, on Standard 203(k) files, assigning a 203(k) Consultant. Tell the seller upfront, because a surprised seller is the most common reason these deals fall apart. Our FHA loan tips cover how to keep a file moving.

Does an FHA 203(k) loan have mortgage insurance for life?

At low down payments, effectively yes. FHA charges a 1.75% upfront premium plus an annual premium that lasts the full loan term whenever the loan-to-value exceeds 90%. Which includes every 3.5%-down file. Put 10% or more down and the annual premium ends after 11 years instead. The common exit is refinancing into a conventional loan once equity, helped by the renovation itself, reaches 20%. Our guide to how mortgage insurance works explains both structures.

Can you use a 203(k) loan to buy a HUD home?

Often, yes. HUD’s 203(k) fact sheet says a HUD real estate-owned home, including one sold through Good Neighbor Next Door, may be eligible when the sales contract or addendum says so. Investor purchases of HUD homes are not eligible; our guide to investing in fixer-uppers covers other routes. HUD’s Handbook text, reprinted in Mortgagee Letter 2026-06, also covers lead-based paint stabilization beyond what HUD pays for when it sells the home.

Can you use a 203(k) loan on a condo?

For the unit’s interior, yes. Under 24 CFR 203.50, a 203(k) can fund rehabilitation of the interior space of a condominium unit, excluding any areas the association is responsible for, so anything the association maintains stays off the scope. HUD’s Mortgagee Letter 2024-13 (July 9, 2024) also caps a condo’s base loan at 100 percent of the after-improved value, rather than the 110 percent used for other properties.

Can a 203(k) loan pay to tear down and rebuild a house?

Only the Standard 203(k), and only on the existing foundation. HUD’s fact sheet says the Standard version may fund reconstructing a structure that has been or will be demolished, as long as the complete existing foundation system is not affected and will still be used. Before rebuilding, the Consultant must get a licensed structural engineer’s report that the foundation can support the new structure. The Limited version cannot be used for reconstruction.

Can non-permanent residents get an FHA 203(k) loan?

Not on case numbers assigned on or after May 25, 2025. HUD’s Mortgagee Letter 2025-09 removed non-permanent resident eligibility, leaving U.S. citizens and lawful permanent residents eligible across FHA’s single family programs, which include the 203(k). HUD reported on October 9, 2026, citing ICE data, that non-permanent residents’ share of FHA purchase loans fell from about 5.8% before the change to about 0.1% after it.

The bottom line on FHA 203(k) loans

An FHA 203(k) loan finances a home and its renovation in one mortgage at 3.5% down with a 580 credit score, $75,000 of non-structural work under the Limited version, no separate cap under the Standard version. You pay for that access with a 1.75% upfront premium, a 0.55% annual premium that runs the full term at low down payments, a scope locked before closing, a 45- to 60-day timeline, and an owner-occupancy requirement. For a cash-tight buyer purchasing a fixable house to live in, that’s usually a fair trade. For a strong-credit buyer, an investor, or anyone counting on sweat equity, it isn’t.

If you’re ready to price a fixer-upper properly, talk to Align Lending. We’ll shop your scenario across our lender network, including wholesale lenders that run 203(k) files every week, and show you the numbers side by side against a conventional renovation loan. Call 248-506-5727 or start online.

Footnotes:

1. Align Lending is not acting on behalf of or at the direction of FHA or HUD. FHA 203(k) program requirements are set by HUD in the Single Family Housing Policy Handbook 4000.1 and related Mortgagee Letters and are subject to change. Individual lenders may apply additional requirements. Return to text.

2. Example figures in this article are hypothetical and for educational purposes only; they do not constitute an advertisement of credit terms or a rate quote under federal or state lending laws. Your loan amount, premiums, payment and eligibility depend on your application, your property’s as-is and after-improved appraised values, your approved renovation scope, and market conditions. Return to text.

Figures current as of August 2026; verify with the linked source before relying on them. Sources: FHA 203(k) program structure, Standard 203(k) $5,000 minimum repair cost and required 203(k) Consultant, Limited 203(k) $75,000 total rehabilitation cost limit and non-structural restriction, Limited 203(k) “major repair” tripwires including the nine-month and 30-day occupancy tests, Standard 203(k) financeable mortgage payment reserve of up to 12 months, 12-month and nine-month rehabilitation periods, contingency reserve ranges of 10% to 20% and 15% to 20% by structure age and utility status, and the five-draw maximum (four intermediate and one final) on Standard 203(k), borrower self-help approval standards and materials-only reimbursement, property eligibility, and the maximum mortgage calculation at 110% of after-improved value, HUD Single Family Housing Policy Handbook 4000.1, Section II.A.8.a. Increase of the Limited 203(k) rehabilitation cost limit from $35,000 to $75,000, extension of the rehabilitation periods, and the 12-month mortgage payment reserve, HUD Mortgagee Letter 2024-13 (July 9, 2024), effective for case numbers assigned on or after November 4, 2024. Maximum of four draw requests per contractor on a Limited 203(k), increased from two, and clarified draw disbursement procedures on Limited and Standard 203(k) files, HUD Mortgagee Letter 2026-06 (June 23, 2026), effective immediately. Minimum decision credit score of 580 for maximum financing at 96.5% LTV, 500 to 579 limited to 90% LTV, and the 3.5% minimum required investment, Handbook 4000.1, Section II.A.2. Investment properties ineligible for FHA insurance and the 60-day owner-occupancy requirement, Handbook 4000.1, Section II.A.1.b. Upfront mortgage insurance premium of 1.75% and annual premium of 0.55% for the mortgage term above 95% LTV, 0.50% for 11 years at or below 90% LTV, Handbook 4000.1, Appendix 1.0, Mortgage Insurance Premiums. Down payments as low as 3.5%, U.S. Department of Housing and Urban Development. 2026 FHA forward mortgage limits of $541,287 for one unit and $693,050 for two units in all 83 Michigan counties, the $1,249,125 high-cost ceiling, and county median sale price estimates, HUD FHA Mortgage Limits, CY2026, effective January 1, 2026. 2026 baseline conforming loan limit of $832,750 and the 150% high-cost ceiling, Federal Housing Finance Agency. HomeStyle Renovation renovation cost limit of 75% of the lesser of purchase price plus renovation costs or the as-completed appraised value, eligible occupancy types, do-it-yourself work capped at 10% of as-completed value with no reimbursement for the borrower’s own labor, and the 15-month completion requirement, Fannie Mae Selling Guide B5-3.2-01 and B5-3.2-02. Private mortgage insurance on conventional loans with down payments under 20%, Consumer Financial Protection Bureau. Closing timelines of 45 to 60 days reflect observed turn times among wholesale lenders in Align Lending’s network and are not set by HUD.

This article is for informational purposes only and is not intended to provide legal, financial, or tax advice. FHA program rules, loan limits, mortgage insurance premiums and renovation cost limits change and vary by property, county and lender overlay; confirm your figures with your lender and your Loan Estimate, and consult a qualified professional about your situation. Figures shown are illustrative, are not a rate quote or an offer of credit, and are subject to change. Align Lending is an independent Michigan mortgage broker, NMLS #2041154.

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