BUYING A FIXER-UPPER WITH A 203(K)
Older Philadelphia rowhomes are exactly what the 203(k) program was built for. Here is what to look for and what to expect when you buy one to renovate.
READ THE BONES, NOT THE FINISHES
The 203(k) program lets you buy a home that needs work and roll the repair cost into one mortgage. In Philadelphia, that means you can take on a tired rowhome in a neighborhood you like instead of paying move-in-ready prices elsewhere.
BRING A CONTRACTOR IN EARLY
A contractor walkthrough before you make an offer helps you understand what the renovation realistically involves and what it might cost. It is not a substitute for a home inspection, but it adds the construction-cost perspective that an inspection does not provide.
EXPECT TO FIND SOMETHING
Older city homes hide things. Plaster and lath, knob-and-tube wiring, galvanized pipe, and rotted sills are common finds. The 203(k) contingency reserve exists for exactly these surprises. We document what we find as we open the walls so the reserve gets used correctly.
READY TO WALK A PROPERTY?
Send us the address and we will talk through the scope before you make an offer.
Request a Walkthrough203(k) DisclosureEliteco Builders is a licensed general contractor, not a lender, mortgage broker, or HUD consultant. Nothing on this site is lending or financial advice. Loan programs, limits, and eligibility are set by HUD and your lender. Talk to an FHA-approved lender for financing details. For federal guidance, visit hud.gov.