What is an FHA 203(k) loan?

An FHA 203(k) loan allows you to finance both the purchase of a home and the cost of renovations with a single mortgage. This eliminates the need for a separate construction loan.

How much can I borrow with a 203(k) loan?

203(k) Limited loans allow up to $35,000 in renovations. Standard 203(k) loans have no renovation limit, subject to the FHA loan limit for your county.

How long does 203(k) loan approval take?

In Indiana, 203(k) loans typically close in 45-60 days for Limited programs and 60-75 days for Standard programs, depending on renovation complexity.

FHA 203(k) Renovation Loans

Finance your home purchase and renovations with a single loan. Explore possibilities and calculate your project.

Modern home renovation visualization showing exterior improvements

Don't Just Buy a Home. Create One.

Whether you're buying your first home or fixing up your forever home, the 203(k) loan from Southwest Funding, LP helps you purchase and renovate with one easy loan.

Why 203(k)?

The Smarter, Simpler Path to Your Perfect Home.

One Loan, One Closing

Purchase/refinance and renovate in a single mortgage.

Future Value Financing

Borrow based on the home's improved value.

Low Down Payment

Just 3.5% down.

Full Home Transformations

Kitchens, bathrooms, additions, systems, and more.

Buy and Renovate

Expand your buying options. Don't settle for move-in ready—finance the home you'll love.

Lower purchase price for a home that needs work
Roll renovation costs into one mortgage
Build instant equity with the right upgrades

Refinance and Renovate

Already own? Unlock your home's potential with a cash-out refinance that funds major improvements.

Tap into equity while improving your home
FHA-low rates for renovations that increase value
Better than personal loans or credit cards

How 203KIndy Makes It Easy

Pre-Qualify

Quick, secure, and no impact to your credit.

Project Planning

You + a 203(k) Consultant = a clear budget + scope.

Licensed Contractors

Vetted pros, no DIY shortcuts.

Single Application

One process for purchase + renovation.

Streamlined Closing

Close once. Renovation funds are escrowed.

Expert Oversight

Work inspected. Payments released in stages.

Move In & Enjoy

Your vision, brought to life.

Quick Questions

How much can I borrow for renovations?

At least $5,000. Max is based on FHA county limits and after-improved value.

Can I DIY the work?

No. FHA requires all work be done by licensed, insured contractors.

Timeframe for renovations?

All work must be completed within 6 months of closing.

Why 203kIndy?

Our 203(k)-focused team and consultant network make this complex loan feel simple.

Project Overview

Complete renovation from 1960s ranch to modern sustainable home

Estimated Cost:$185,000

After-Improved Value:+$230,000

FHA Loan Limit:$498,257

Timeline:6-8 months

Avg ROI:72%

All Features

500+

Indiana Homeowners Financed

$45M+

Renovation Projects Funded

4.9/5 Average Rating

60-90

Days to Close (Average)

FHA-Approved Lender

HUD 203(k) Certified

BBB A+ Rating

Success Stories

Real Homeowners, Real Transformations

See how Indianapolis homeowners used 203(k) loans to create their dream homes

J & M A.

Broad Ripple, Indianapolis

Our 1950s bungalow is now our dream home!

We never thought we could afford to buy AND renovate. The 203(k) loan made it possible to purchase our Broad Ripple bungalow and completely transform it. New kitchen, updated bathrooms, and we opened up the floor plan. Our lender walked us through every step.

Renovation

$65K

Value Added

$95K

ROI

46%

M.W.

Fountain Square, Indianapolis

Turned a fixer-upper into a rental goldmine

As a first-time investor, the 203(k) loan was perfect. I bought a distressed property in Fountain Square, renovated it with the same financing, and now it cash flows $600/month. Best investment decision I ever made.

Renovation

$28K

Value Added

$55K

ROI

96%

203KIndy Intelligence Engine

Context-aware help that moves with you.

Drag the AI assistant onto different tools to get context-specific guidance. Or ask questions about FHA 203(k) loans, timelines, consultants, and more.

✦203(k) AI Assistant

Hi! I'm your 203(k) loan assistant. Drag me to different tools, or ask me anything about renovation financing.

Drag me to any tool below for context-specific help

Loan Calculator

Estimate loan amounts, payments, and limits.

Consultant Finder

Match with HUD-approved consultants.

Timeline Planner

Map your closing and renovation schedule.

Contractor Network

Find FHA-approved contractors in Indy.

Project Gallery

Browse completed renovations and ROI.

Agent Tools

IPC calculators and client worksheets.

203KIndy Deal Completion System

Left Screen: MLO Intelligence. Right Screen: Consumer Confidence.

Watch how elite originators transform complex underwriting into fundable deals—synchronized in real time across both screens.

Loan Processing Journey

Phase 1 of 6

INTERNAL NOTES - 203KIndy

Phase Refer → Working Path to Approval | 9:23 AM

STATUS: Refer → Working Path to Approval

🔒 INTERNAL NOTES - 203KIndy
─────────────────────────────
FILE: Marcus Thorne_FHA203k_3unit_$330k
STATUS: Refer → Working Path to Approval

ISSUES IDENTIFIED:

1. DTI Calculation Mismatch
   • Manual calc: 54% ($1,900/$3,500)
   • AUS showing: 38%
   • ROOT CAUSE: MISMO field mapping error
   • ACTION: Correct data fields, re-run DU

2. 3-Unit Property Requirements Missing
   • No self-sufficiency calculation
   • No Form 1025 rent schedule
   • ACTION: Order 203(k) appraisal w/ rental analysis

3. LTV Issue
   • Currently showing 111.86% on as-is value
   • SHOULD BE: Based on after-improved value
   • ACTION: Complete Max Mortgage Worksheet

4. Asset Verification Gaps
   • Bank account: needs statements
   • Crypto liquidation: needs paper trail
   • ACTION: Request source documentation

GAME PLAN:
☐ Fix MISMO mapping (today)
☐ Order appraisal with 1025 (today)
☐ Request asset docs from Marcus
☐ Schedule contractor scope review

EXPECTED TIMELINE: 5-7 business days to approval

Marcus Thorne

Active now

Hey Marcus,

Just finished diving into your file. First off - your credit score and the fact that you're planning to live in the property are both really strong points in your favor.

9:23 AM✓✓

I've mapped out exactly what we need to get this done:

WHAT I'M HANDLING:
• Fixing some backend data syncing (technical stuff on my end)
• Getting your appraisal ordered today
• Setting up the renovation documentation

9:24 AM✓✓

WHAT I'LL NEED FROM YOU:
• A couple bank statements
• Documentation on those crypto funds you mentioned

9:24 AM✓✓

Thanks for the update! What's the timeline looking like?

9:25 AM

The good news? I've done dozens of these 203(k) loans on multi-units in Indy. We've got a clear path forward.

I'll call you this afternoon to walk through the next steps - should take about 10 minutes.

Talk soon,
203KIndy

9:27 AM✓

DUAL PERSPECTIVE

MLO optimizes for underwriter approval. Consumer receives confidence-building updates.

COMPLIANCE FIRST

Compliance-first approach. Every solution path defensible.

UNIFIED PROCESS

Internal coaching meets external messaging. One unified process.

Ready to Renovate the Future?

Reserve your no-cost, no-obligation FHA 203(k) consultation today and unlock the smartest way to finance your dream renovation.

Zero upfront cost. No commitment required. Guidance tailored to your renovation goals.