Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on FHA renovation financing
Can't afford Nevada's move-in ready homes? FHA 203(k) loans let you buy a distressed property with just 3.5% down—and finance the repairs in the same loan. One closing, one payment, your dream home.
Limited 203(k): Fix
cosmetic issues up to $35,000 (new carpet, paint,
appliances).
Standard 203(k): Major
renovations with no limit (structural, additions, full
remodels).
Takes ~60 seconds • No credit check • See renovation options available
Finance up to $35K (Limited) or unlimited (Standard) in Nevada renovation costs
The FHA 203(k) renovation loan combines purchase financing and renovation costs into a single mortgage, allowing Nevada buyers to finance fixerupper properties with low down payments and flexible credit requirements
For minor renovations and non-structural repairs. Streamlined process with no consultant required.
For major renovations and structural repairs. Requires HUD consultant oversight.
Finance both purchase and renovations with minimal upfront cash
Avoid construction loans and secondary financing hassles
Get FHA's favorable rates on entire loan amount including repairs
Purchase homes that won't qualify for standard FHA loans
Buy below market and renovate for immediate value increase
Flexible credit requirements make fixer-uppers accessible
Eligibility standards for FHA renovation loans in Nevada including credit, income, property, and renovation guidelines
580 minimum for 3.5% down payment. Scores 500-579 require 10% down. Higher scores get better rates.
3.5% of as-completed value (purchase price + renovation costs). Gift funds from family allowed for entire down payment.
Maximum 50% DTI with compensating factors. Includes future mortgage payment based on completed value.
2 years stable employment or income history. W-2, self-employed, and retirement income all acceptable.
Primary residence only. Must move in within 60 days of completion. No investment properties or vacation homes.
Single-family homes, 2-4 unit properties, condos (FHA-approved), townhouses. Must be habitable after renovations.
Structural, HVAC, roof, plumbing, electrical, kitchens, bathrooms, flooring, windows, landscaping, accessibility modifications
Luxury items (pools, hot tubs), new construction on vacant land, repairs done before closing, DIY work in most cases
Nevada FHA limits apply: Clark County $498,257, Washoe $571,950. Total = purchase + repairs cannot exceed limit.
6 months maximum from closing to complete all repairs. Extensions available if needed with FHA approval.
It's simpler than you think. Here's exactly what happens from pre-approval to moving into your renovated home.
Work with an FHA 203(k) approved lender to determine your buying power including renovation budget. Provide standard FHA documentation (income, credit, assets).
Timeline: 1-3 business days • Documents: Paystubs, tax returns, bank statements
Search for distressed or outdated homes in Nevada. Have contractor provide preliminary repair estimates. Calculate total project cost (purchase + repairs).
Pro tip: Look for homes 15-30% below market value with good bones but cosmetic issues
Submit offer contingent on financing and inspection. Include 203(k) financing clause. Get licensed contractors to provide detailed bids for all repairs.
Required: At least 2 contractor bids for each repair category (Standard 203k)
Provide contractor bids, scope of work, architectural plans (if needed). Standard 203(k) requires HUD consultant to review feasibility and costs.
Limited 203(k)
Work write-up from contractor
Standard 203(k)
HUD consultant feasibility study
FHA appraiser evaluates property's as-completed value (not current condition). This determines your maximum loan amount and down payment calculation.
Example: $200K purchase + $50K repairs = $250K as-completed value (appraisal basis)
Lender underwrites based on after-repair value. Verifies contractor licensing, insurance, and feasibility. Establishes renovation escrow holdback account.
Timeline: 10-15 business days after appraisal received
Sign closing documents. Renovation funds placed in escrow account. You take ownership but cannot move in until repairs complete (Standard 203k) or property is habitable (Limited 203k).
Closing costs: Similar to standard FHA (2-5%) plus consultant fees if applicable
Contractor begins work. Funds released from escrow in draws as work progresses. Lender or consultant inspects before each draw. Must finish within 6 months.
Draw Schedule
10% upfront, remainder in 3-5 draws
Inspections
Required before each fund release
Lender conducts final inspection to verify all work complete per approved plans. Final escrow funds released to contractor. You can now move into your renovated Nevada home!
Occupancy deadline: Must move in within 60 days of project completion
Answer a few quick questions to see if you qualify for FHA 203(k) financing and get connected with approved contractors in Nevada.
Understanding what repairs and improvements you can finance with FHA 203(k) loans in Nevada
Important: Limited 203(k) has additional restrictions - no structural work, foundation repairs, or room additions allowed. Only minor repairs under $35,000.
Answers to the most common questions about FHA renovation loans for Nevada homebuyers
Explore more Nevada FHA loan guides, calculators, and tools to help with your home buying journey
Standard FHA loans for move-in ready Nevada homes with 3.5% down
Fast FHA refinance with no appraisal and minimal documentation
Calculate how much you can afford including renovation costs
Understand 203(k) credit requirements and approval strategies
Complete guide for first-time buyers using FHA in Las Vegas
Nevada programs that can help with 203(k) down payment and closing costs
Get pre-approved for FHA 203(k) financing and start shopping for Nevada fixer-uppers with confidence. Buy below market, renovate smart, build instant equity.