FHA 203k Loans

Cranbrook Loans is one of the top lenders in Michigan who know FHA 203k loans, and how to close them fast!

 Call 866-421-2821  today or complete the form for fast approval.

Start Here For Your 203k Loan!


 Get a FREE quote on an FHA Loan & save thousands of dollars per year!free-fhahomepurchasequalifier_03free-fhahomerefinanceanalysis_07


The Federal Housing Administration or commonly referred to as FHA was formed over 80 years ago. The primary mission of the FHA is to make owning a home affordable.
One of the FHA’s loans is a fixer upper loan called the 203k.

This loan is available for both purchasing a home as well as refinancing a home.

The 203k loan has to different programs. The first is called a Standard 203k loan. This loan is used in cases where more complex renovation is needed. The FHA has a list of repairs or renovations that may fall under one of the two 203k loan programs. The partial list below of renovations that would require a standard 203k loan would be..

New Room Additions

Property Landscaping

Moving And Relocating Load Bearing Walls

Repairing Structural Damage To A House

Total Repairs To A House Exceeding $35,000

For more minor renovations and repairs the FHA has a program called a Streamlined 203k loan. This program will require less paperwork and is quite a bit easier to complete the process. Below is a list of eligible improvements..

Repairs or replacement of roofs, gutters and down spouts

Repair, replacement or upgrading existing HVAC systems

Repair, replace or upgrade existing plumbing and electrical systems

Repair or replace flooring

Minor renovations such as kitchens as long as it doesn’t require
structural repairs

Exterior and interior painting

Weatherization including storm doors and windows, insulation and weather stripping

Purchase and installation of appliances such as refrigerators, stoves, washer and dryers.

Accessibility improvements for disabled persons

Lead based paint stabilization or abatement of lead based paint hazards

Repair, replace, or add, exterior decks, porches or patios

Basement remodeling and refinishing that don’t require structural repairs

Basement waterproofing

Window and door replacement or repairs and exterior wall re-siding

Septic system and or well repairs and replacement

After applying for a 203k loan the mortgage company would look at the plans and specs of the improvements and give to an appraiser who would determine what  the value is, based on the renovations being completed.
As long as the value after repairs falls under the allowed guidelines of FHA then the loan can go further in the processing department.

It will be up to the contractor completing the work to fill out the proper forms FHA requires for the 203k loan.

After the loan is approved for the closing it will go to the closing department and the closing documents will be prepared for closing of the loan.

After closing the loan the contractor will complete the work within the stated period of time. It will be the contractors responsibility to fund the costs of the repairs until completion.

Upon completion the appraiser will be required to return to the house for a re-inspection to determine if the repairs have been completed according to the original plans. If so the mortgage company will then release the money owed to the contractor for the work completed.

You can find our FAQ about FHA mortgages page here.

Purchase Or Refinance?


It was great working with you – below is my testimonial review, please let me know if you need anything else.   Greg was willing to go out of his way to help me during my mortgage process.  He answered questions and was also responsive after hours, met me at my work to complete paperwork and was always available when needed to address any concerns.  I am very pleased with the service that Greg and Cranbrook Loans have provided and I would highly recommend them to others.     Thanks,
Bill Hudgens

Why Use Cranbrook Loans

Cranbrook Loans has a long history of originating FHA loans in Michigan. For over 20 years we have provided  Michigan residents with mortgage financing to help fulfill the american dream of home ownership.

FHA Mortgages are one of the easiest ways to qualify for a mortgage especially for a first time home buyer. This site will guide you through what it takes to qualify for a  mortgage, from credit, income,and mortgage insurance. We are here to answer your questions and to help you close your loan in as little as 3 weeks. 

View our testimonials page to hear from some of our raving fan clients! We survey every client at closing and we can boast a 98% approval for customer satisfaction.

We take a team approach on every loan application.
You will be treated as a valued customer and not just another number walking into a bank!

No surprises at closing! If your closing costs are more than we quote in writing we will pay the difference!

Call us today or Apply Here to receive a prompt, no obligation , no pressure, return call.  



A few examples of what you
can do with a FHA 203k Loan

Bathroom Remodel


Kitchen Remodel


Basement Remodel