Buy it, fix it, live in it
How the down payment assistance grant pairs with FHA 203(k) renovation loans so Florida buyers can purchase a fixer-upper and finance the repairs in one loan — as their primary residence.
Owner-occupants only — no flips
FHA 203(k) loans and the down payment assistance grant both require you to live in the home as your primary residence. They cannot be used by investors to buy, renovate, and resell a property for profit. If your plan is to fix and flip, this program is not the right fit.
How the grant pairs with a 203(k)
An FHA 203(k) renovation loan wraps the purchase price and eligible renovation costs into a single mortgage. The down payment assistance grant — equal to 2% or 3.5% of the purchase price — can be used together with either the FHA 203(b) standard loan or the 203(k) Limited or Standard programs. That means a qualified buyer can finance both the home and the repairs with little or no down payment out of pocket, subject to program caps, lender review, and approval.
203(k) Limited
For smaller projects — cosmetic updates and repairs that don't involve the structure.
- Smaller, non-structural repairs and updates
- Kitchen and bathroom updates, flooring, paint, appliances
- Roof, HVAC, plumbing, and electrical repairs
- Simpler process with a faster timeline
203(k) Standard
For bigger projects — structural work, major remodels, and remediation.
- Major or structural work, including additions
- Foundation, load-bearing wall, and full remodel projects
- Remediation such as mold, fire, flood, or oil tank issues
- Requires a HUD-approved consultant to oversee the project
The path from listing to keys
1. Check your fit
Start with the eligibility screener. The program targets a 640+ credit score, and the home must be your primary residence.
2. Find the right fixer-upper
Shop for a home you'll live in. The renovation scope determines whether 203(k) Limited or Standard fits.
3. Pair the grant with the renovation loan
The down payment assistance grant (2% or 3.5% of the purchase price) can be paired with the FHA 203(k) loan based on the total acquisition cost — purchase price plus eligible renovation costs.
4. Apply and plan the work
Submit your application, get contractor bids, and your loan team reviews the renovation plan. Eligibility and approval are never guaranteed.
Ready to explore a fixer-upper?
Check your eligibility, run the numbers on a real home, or start your application. Estimates are educational and not a loan approval or guarantee.