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Fixer Upper

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Whether you're buying a home that needs repairs or interested in making some changes in your current home, our 203k Fixer Upper loans give you the funds you need to remodel. 

We offer many Fixer Upper loan options including Federal Housing Administration (FHA), Conventional and VA loans. 

mortgageservices@u1cu.org  |  800-762-9555 ext 424  |  NMLS #652486

Apply for a fixer upper loan

  Down
Payment
Min. - Max.
Repair Limits
Min. Credit
Score
Mortgage
Insurance
Residence Repair Type Additional
Requirements
FHA 203(K)
Standard
3.5% $5,000-No Limit 640 Standard FHA MI Premiums Primary Only Complex repairs and renovations allowed Max. of 5 draws. Architectural exhibits required.
FHA 203(K)
Limited
3.5% $5,000-$35,000 640 Standard FHA MI Premiums Primary Only Minor cosmetic repairs No draws. Borrower receives 50% of funds at closing and the remaining funds once rehab complete.
Conventional
Standard
5% $5,000-No Limit for Freddie Mac or 50% after - improved value for Fannie Mae 680 Credit-based MI Premiums Primary, second homes, and investment properties Complex repairs and renovations allowed Max. of 5 draws. Architectural exhibits required.
Conventional
Limited
5% $5,000-$35,000 680 Credit-based MI Premiums Primary, second homes, and investment properties Minor cosmetic repairs No draws. Borrower receives 50% of funds at closing and the remaining funds once rehab complete.
VA 
Renovation
0% $5,000-$35,000 640 (purchase)
680 (refinance)
No Monthly MI Primary Only Alterations, minor repairs and improvements Borrower must acquire or already have a VA loan.


Other loan program restrictions may apply. Loan programs may change at any time with or without notice. All loans subject to income verification, credit approval and property appraisal. Rates, terms and conditions vary based on creditworthiness and amount financed. Rates and terms subject to change.

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