The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances. A streamlined 203k only applies if the total repairs do not exceed $35,000.
Both the FULL 203k and the streamline 203k must adhere to FHA county loan limits which can be found by clicking the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm