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FHA 203(k) Maximum Mortgage Calculator

Estimate the maximum FHA 203(k) loan from the HUD-92700 worksheet: financeable rehab, the lesser-of basis, LTV, the county cap, and financed UFMIP.

By Niko Kramer, Mortgage Loan Officer, Satori Mortgage, NMLS #2180891

Rehabilitation costs

Other

Estimated total mortgage (with financed UFMIP)

$362,336

Final base loan plus financed UFMIP

Financeable rehab subtotal$68,000
Supplemental origination fee (greater of $350 or 1.5%)$1,020
Financeable rehabilitation total$69,020
Acquisition-cost basis$369,020
After-improved basis (110%)$440,000
Governing basis (the lesser)$369,020 (acquisition cost)
Base mortgage at 96.5% LTV$356,104
Final base loan (after county-limit cap)$356,104
Financed UFMIP (1.75%)$6,232
Estimated cash to close$20,916

The FHA 203(k) is an owner-occupied primary-residence loan and returns no cash back to the borrower. Rehabilitation funds are held in escrow and released in inspected draws as the work is completed.

Estimates only. Your actual numbers depend on your loan, credit, and property. Estimate only, not a quote or an approval. This follows the HUD-92700 203(k) Maximum Mortgage Worksheet; your lender's worksheet governs your file. Closing costs, the county limit, and eligibility vary by file.

How the FHA 203(k) Maximum Mortgage calculator works

What this calculates

Estimates the maximum FHA 203(k) loan that finances both buying a home and rehabilitating it in one mortgage. It follows the HUD-92700 worksheet: the financeable rehab, the lesser-of basis, the FHA loan-to-value, the county loan limit, and the 1.75% upfront MIP. A planning estimate; the consultant and appraiser set the real figures.

The formula

Maximum mortgage is the lesser of (purchase price + rehab costs) and the as-completed appraised value, times the FHA loan-to-value (96.5% for 3.5% down), capped at the county FHA loan limit, then the 1.75% upfront MIP is added on top.

A worked example

Hypothetical, for illustration only: a $250,000 purchase with $40,000 in rehab and a $300,000 as-completed value, at 96.5% loan-to-value.

  1. Cost basis = 250,000 + 40,000 = $290,000
  2. Value basis = 300,000 x 96.5% = $289,500
  3. Lesser-of basis = $289,500; add 1.75% upfront MIP (about $5,066) for a financed loan near $294,566, within the county limit.

About $289,500 base loan plus financed MIP in this made-up example. The Standard 203(k) handles structural work with a HUD-approved consultant; the Limited 203(k) caps non-structural rehab at $75,000.

Assumptions and limits

  • The total loan must fit within the county FHA loan limit.
  • The Limited 203(k) rehab cap is $75,000 and is reviewed by HUD; the Standard 203(k) requires a HUD-approved consultant.
  • Figures follow the HUD-92700 worksheet and the as-completed appraised value.
  • Niko is a mortgage loan officer and is not affiliated with or endorsed by HUD or the FHA.

Figures: FHA upfront MIP (UFMIP)1.75% of the base loan ( Mortgagee Letter 2023-05 / HUD Handbook 4000.1 , verified 2026-06-18) ; FHA 203(k) Limited rehab cap (reviewed annually by HUD; not permanent)$75,000 ( Mortgagee Letter 2024-13 , verified 2026-06-18) . Figures are confirmed against their primary source; verify the current figure before relying on it.

How the HUD-92700 worksheet works

The worksheet builds your financeable rehabilitation total first: hard costs, your contingency reserve, payment reserves, inspection and draw fees, architectural and consultant fees, permits, and the supplemental origination fee (greater of $350 or 1.5% of the financeable rehabilitation subtotal). It then sets your basis as the lesser of (sales price plus that rehabilitation total) or 110% of the after-improved value, applies the FHA LTV, caps the result at the county forward limit, and adds financed UFMIP on top. Borrower-paid closing costs are not financed into the basis; they show up as cash to close. This calculator covers the 203(k) purchase scenario.

Standard versus Limited 203(k)

The Standard 203(k) handles structural and major work and requires at least $5,000 in rehabilitation, with a HUD consultant. The Limited 203(k) covers non-structural repairs up to $75,000 in total work and needs no consultant. The calculator flags a Limited scenario that runs over the cap or a Standard one below the minimum, so you land on the right path.

What the result does not include

The FHA 203(k) returns no cash back to the borrower, and it is for owner-occupied primary residences only. The contingency reserve is your input here, because the FHA reserve is determined by the scope and the age and condition of the home rather than a fixed percentage. Confirm the reserve and the county limit for your file. Nothing here is a rate, a quote, or an approval.

How to use this calculator

This calculator covers the 203(k) purchase scenario; for a refinance, use the 203(k) refinance calculator. Pick Standard or Limited and your occupancy history. Enter the sales price, the after-improved value, and each rehabilitation line. Add your closing costs and county limit. The result shows your financeable rehab total, which basis governs, the base loan after LTV and the county cap, the financed UFMIP, and your estimated cash to close.

Sources

Related

FHA 203(k) refinance calculator, Budgeting a renovation loan, Conventional renovation capacity calculator, FHA 203(k) Renovation, and Renovation loans.

Common questions

It follows the HUD-92700 worksheet. On a purchase, your basis is the lesser of (sales price plus the financeable rehabilitation total) or 110% of the after-improved value (100% for condos); borrower-paid closing costs are not in the basis, they are cash to close. Apply the FHA LTV (96.5% owner-occupant), cap at the county limit, then add financed UFMIP. This is an estimate, not a quote.

The FHA 203(k) caps the loan basis at 110% of the home's after-improved (as-completed) value, or 100% for a condominium. Your basis is the lesser of that figure or your total acquisition cost. It keeps the loan tied to the finished value, so the appraisal has to support the work you plan.

An owner-occupant applies a 96.5% LTV, so the minimum down payment is 3.5% of the basis. If the borrower has not owned and occupied the property for the prior 12 months, the LTV drops to 85%. The calculator shows your estimated cash to close from these figures.

Greater of $350 or 1.5% of the financeable rehabilitation subtotal, per the HUD-92700 worksheet. It is a financeable rehabilitation cost, so it is added to the rehab total and counts toward the maximum mortgage. The calculator computes it for you from your rehab subtotal.

No. The FHA 203(k) returns no cash back to the borrower. The loan funds the purchase and the renovation escrow; there is no incidental cash to you. It is also an owner-occupied primary-residence loan, not for investment properties. This calculator covers the 203(k) purchase scenario.

Last updated: June 10, 2026

This calculator is for educational estimates only. It isn't an offer to lend, a quote, or a commitment to make a loan. Your actual numbers depend on your loan, credit, property, and other factors. Rates and programs may change without notice.

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