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The Standard 203(k) Mortgage requires a minimum repair cost of $5,000 and the use of a 203(k) Consultant is required. The Limited 203(k) does not require the Summary: Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its An FHA 203(k) loan is a government-backed mortgage that is essentially a construction loan that finances both the purchase and repairs of a home. · These loans FHA's Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home. A boon to DIYers and home project enthusiasts, an FHA 203(k) loan – also known as a mortgage rehabilitation loan, renovation loan or Section 203(k) loanSee also “Rehab a Home w/HUD's 203(k),” at hud.gov/offices/hsg/ sfh/203k/203kabou.cfm. 6 The NSP was authorized by the Housing and Economic Recovery Act of HUD issues a Mortgagee. Letter announcing the new mortgage limits every year. Loan-to-value limits: For purchase transactions, the maximum mortgage amount that Streamline FHA 203k: Pass a HUD Inspection · Peeling or chipping paint · Any signs of mold or mildew · All windows must open freely and close completely · Handrails