Residential · Calculator
FHA 203(k) Max Mortgage
HUD-92700 worksheet, fully wired. Standard or Limited 203(k), Purchase or Refinance, with the rehab cost stack (B1-B14), 110% cap, LTV factor, and UFMIP all in one view.
Section A: Property Information
Net of any seller concessions over 6%. Use Adjustments below to back out concessions if needed.
From appraisal.
Subject-to value.
EEM amount; backed out of B14 and added back via Section E.
Condo cap is 100% of A3 instead of 110%.
Sales concessions over 6%, inducements, personal property, REO LBP credit, etc. Negative for subtractions.
Section B: Rehabilitation Costs
Per HUD-9746-A line 36. No HUD cap on Standard.
10–20% of B1. Higher for older homes / more unknowns.
Number of consultant inspections for staged draws.
Per draw.
If home is uninhabited during construction. 0 if owner-occupied.
Plans, specs, structural drawings.
HUD 203(k) consultant fee + mileage. Required on Standard.
% of B10 used for discount points on the repair-related portion.
B11 (Supplemental Origination Fee) is auto-computed as the greater of $350 or 1.5% of B10 per HUD-92700 Box B11.
UFMIP & Refi Adjustments
FHA UFMIP is 1.75% on standard 203(k). Always financed.
Total Mortgage with UFMIP
$403,831
Base $396,886 + UFMIP $6,946 · LTV factor 96.50% (Purchase)
Section B: Rehab Cost Stack
Section C: Mortgage Calc — Purchase
Section F: Summary
Frequently asked
About this calculator.
What is the difference between Standard 203(k) and Limited 203(k)?
Standard 203(k) is for major rehabs that involve structural work, room additions, foundation repair, moving load-bearing walls, or anything requiring permits beyond cosmetic. Requires a HUD-approved 203(k) Consultant, staged draws, inspections, and architectural exhibits. No HUD cap on hard repair costs (B1). Limited 203(k) is for non-structural cosmetic and system repairs (kitchen, bath, paint, flooring, HVAC replacement). Capped at $75,000 in net repair costs (B1) per HUD ML 2023-23. No consultant, no draws, two disbursements (50% at closing, 50% at completion). Faster to close, narrower scope.
How does the 110% after-improved cap work?
HUD caps the total project cost (purchase price + rehab) at 110% of the after-improved appraised value (Box A4). This prevents over-improvement: you cannot finance a $100,000 rehab on a $200,000 home if the after-improved value is only $250,000 (110% × $250k = $275k cap, but you would have $300k in cost). For condos, the cap drops to 100% of after-improved.
What is the LTV for purchase vs refinance 203(k)?
Purchase 203(k) for owner-occupants is sized at 96.5% LTV (same as standard FHA Forward 203(b)). Refinance 203(k) for owner-occupants is sized at 97.75% LTV. The base mortgage is computed as the lesser of two figures: (1) cost-side, which is the lesser of (purchase + rehab) or 110% of after-improved, times the LTV factor; (2) for refinance, the existing debt + rehab + closing costs. The base loan goes through the LTV factor; UFMIP is then financed on top.
When is a 203(k) consultant required?
Always on Standard 203(k). Never on Limited 203(k). The HUD-approved consultant prepares a feasibility study, work write-up, draws specifications, and conducts the staged inspections that release funds. Their fees (B7 on the worksheet) are financeable up to a published HUD schedule based on project size.
Can the 203(k) escrow cover mortgage payments during construction?
Yes, on Standard only. If the property is uninhabited during the rehab, you can escrow up to 6 months of mortgage payments into the rehab account (Box B4) to protect the borrower from carrying both rent and the new mortgage during the build. Limited 203(k) does not allow this since the property typically stays occupied.
What is the contingency reserve and why is it required?
Contingency reserve (B2) is 10-20% of the hard repair costs (B1), set aside in the rehab escrow to cover unforeseen scope expansion. 10% is acceptable for newer or recently-inspected homes; 15-20% is typical for older homes or projects with unknowns behind the walls. Unused contingency funds are typically applied to principal at project completion or returned to the borrower depending on lender policy.
Do I need a 203(k) consultant to use the Limited program?
No. Limited 203(k) does not require or permit a HUD consultant. The contractor estimates are submitted directly to the underwriter. This is part of why Limited is faster and cheaper to close than Standard — but it caps you at non-structural cosmetic and system repairs.
Why is the worksheet form's Limited cap shown as $35,000?
The HUD-92700 form was last revised in 2009 and has not been updated to reflect HUD ML 2023-23, which raised the Limited 203(k) net-repair cap from $35,000 to $75,000. This calculator uses the current $75,000 cap. The form is still the canonical sizing worksheet, but the cap on B1 is what HUD enforces today.
Buying a fixer or refi-and-rehab
Renovation in one loan, one closing.
Send the property address, the contractor scope of work, and the appraisal (or just the deal). We'll size 203(k) Standard or Limited, run the consultant numbers, and structure for the LTV. Cross-listed with our 203(k) consultant directory.
Prefer to talk first? Call 707-595-5393