Philadelphia FHA 203k & Renovation Loans. Buy it, fix it, move in.
Buy the rowhome that needs work and finance the renovation in the same mortgage. One closing, one monthly payment, and a team that only does renovation loans.
NMLS #38670
Renovation loans are all we do
I'm Jeff Onofrio, SVP of Renovation Lending at HMA Mortgage. I built HMA's Renovation Division, and my team finances houses that need work every day. Most lenders avoid them.
Philadelphia is built for this. A 100-year-old rowhome with a tired roof and a 1970s kitchen scares off regular buyers and regular lenders. With the right renovation loan, it's an opportunity: you buy at the as-is price, renovate with the lender's money, and move into a house you'd never have been able to afford finished.
- FHA 203k
- Fannie Mae HomeStyle
- Freddie Mac CHOICERenovation
- VA Renovation
- In-house draw administration
Every renovation loan program available in Philly
Each program fits a different buyer and a different house. We price all of them on your purchase and show you the difference side by side.
FHA 203k Standard
Major renovations, structural repairs, and full guts. Minimum $5,000 in repairs, as little as 3.5% down.
Learn more →FHA 203k Limited
Non-structural updates up to $75,000: roofs, kitchens, baths, systems. Faster, lighter paperwork.
Learn more →HomeStyle Renovation
Conventional renovation loan up to the conforming limit. Cancelable mortgage insurance, second homes and investment property allowed.
Learn more →CHOICERenovation
Freddie Mac's renovation loan. Similar to HomeStyle, with a focus on resilience upgrades and flexible property types.
Learn more →VA Renovation Loan
For eligible veterans and service members: buy and renovate with no down payment, based on the as-completed value.
Learn more →Simple 4-step process
Renovation loans have a few extra steps compared with a standard mortgage. With the right team guiding you, every stage is clear.
Free consultation and pre-qualification
We look at income, credit, and savings, then tell you which renovation program fits and what price-plus-renovation budget you can shop in. You get a pre-qualification letter that tells Philadelphia sellers you can close.
Find the house and price the work
Your agent writes the offer. Your contractor walks the house and prices the job. On a Standard 203k, a HUD-approved consultant writes the scope of work so the numbers hold up in underwriting.
As-completed appraisal and approval
The appraiser values the home as if the renovation were already finished. Underwriting approves the purchase and the project together, so you know before closing that the full budget is funded.
Close once, then renovate
You sign one loan at one closing. Renovation money goes into an escrow account and pays your contractor in draws as work is inspected. Your payment is fixed from day one.
Serving the city and the four collar counties
From Fishtown to Chestnut Hill, and from Upper Darby to Bensalem. Pick your area to see the housing stock, typical projects, and loan limits.
Counties
Neighborhoods & towns
Common renovation scenarios
How much can you borrow in Philadelphia?
Philadelphia and its four collar counties have FHA limits above the national floor. On a renovation loan, the limit applies to the purchase plus the renovation, so it helps to know it before you shop.
| Property | FHA 203k limit | Conforming limit (HomeStyle / CHOICERenovation) |
|---|---|---|
| 1-unit | $630,200 | $832,750 |
| 2-unit | $806,750 | $1,066,250 |
| 3-unit | $975,200 | $1,288,800 |
| 4-unit | $1,211,950 | $1,601,750 |
2026 limits for Philadelphia, Bucks, Chester, Delaware, and Montgomery counties (Philadelphia MSA). FHA limits from HUD; conforming limits from FHFA. Limits apply to the total loan amount, including renovation costs. Limits change every January.
What homebuyers are saying
This is an amazing team! Great and pleasant to work with! Communication is easy and timely. In the end of the process I felt like I knew them for a very long time. Thank you very much — without you it would not have been easy.
Jeff, Grant, and Team are phenomenal to work with. I really appreciated their timeliness and communications. The HMA team will definitely have my recommendation to family and friends.
From the beginning Jeff and his team showed exemplary professionalism. He was straight forward and very helpful in explaining the process from start to finish. Sincerely — the Abbott Family.
The Philadelphia houses renovation loans were made for
A Rowhome That Failed Inspection
The inspector found a bad roof, a bowing rear wall, or an old panel. Here's how a renovation loan saves the deal.
Read more →ScenarioA House With Open L&I Violations
Open violations scare off most buyers and lenders. A renovation loan can finance the repairs that clear them.
Read more →ScenarioEstate Sales, REOs & Sheriff-Sale Houses
Philadelphia's best-priced houses often come from estates, banks, and sheriff sales. Here's how to finance each.
Read more →ScenarioDuplexes & Triplexes (2–4 Units)
Buy a duplex or triplex, live in one unit, renovate them all, and let the rents help carry the mortgage.
Read more →ScenarioRenovating a Philadelphia Condo
Condo renovation loans work, but the building has to qualify first. Here's the checklist.
Read more →ScenarioRefinance and Renovate
Already own your Philadelphia home? Roll the renovation into your mortgage instead of taking a HELOC.
Read more →From the 203k blog
Plain-English guides on renovation loans for Philadelphia buyers, written by Jeff Onofrio.
2026 Philadelphia Loan Limits and What They Mean for a 203k
2026 FHA and conforming loan limits for Philadelphia, Bucks, Chester, Delaware, and Montgomery counties, and how they cap a 203k or HomeStyle renovation loan.
Read article →Program comparisonFHA 203k vs. HomeStyle: Which Fits Your Philadelphia Renovation?
Comparing FHA 203k and Fannie Mae HomeStyle for a Philadelphia renovation: credit, down payment, limits, mortgage insurance, and what each can finance.
Read article →TimelineHow Long a 203k Really Takes in Philadelphia
A realistic Philadelphia 203k timeline: contractor bids, consultant visits, appraisal, L&I permits, closing, and the renovation itself.
Read article →ContractorsHow to Find a 203k Contractor in Philadelphia
What a Philadelphia 203k or HomeStyle contractor needs: PA Home Improvement Contractor registration, L&I permit eligibility, insurance, and draw-process experience.
Read article →BudgetingWhat to Budget for a Philadelphia Rowhome Renovation
The big-ticket items in a Philadelphia rowhome renovation (roofs, rear walls, sewer laterals, electrical, lead paint) and how to build a realistic renovation-loan budget.
Read article →Down payment helpUsing Pennsylvania Down Payment Assistance With a Renovation Loan
How PHFA down payment assistance like Keystone Advantage can work with renovation loans for Philadelphia buyers, plus the questions to ask before you count on it.
Read article →Philadelphia renovation loan FAQ
What is the FHA 203k loan limit in Philadelphia for 2026?
$630,200 for a single-family home in Philadelphia, Bucks, Chester, Delaware, and Montgomery counties. It's $806,750 for a 2-unit, $975,200 for a 3-unit, and $1,211,950 for a 4-unit. The limit covers the purchase and the renovation combined.
Can I use a 203k on a Philadelphia rowhome?
Yes. Rowhomes are the most common property we finance with a 203k in Philadelphia. The Standard 203k covers structural work like rear-wall and joist repairs. The Limited 203k covers up to $75,000 of non-structural work.
Can I buy a sheriff-sale or estate-sale house with a renovation loan?
Estate sales and bank-owned (REO) properties, yes, as long as there's a normal agreement of sale and access for the contractor and appraiser. Sheriff sales usually require cash at the auction, so buyers typically finance after acquiring or buy from the investor who won the auction.
How much do I need to put down?
As little as 3.5% of the purchase-plus-renovation total with an FHA 203k, 3% on an eligible HomeStyle or CHOICERenovation purchase, and nothing on a VA renovation loan. Pennsylvania down payment assistance may be available on some files.
Can I do some of the work myself?
Plan on a registered, insured contractor doing the work. Renovation loan programs leave very little room for sweat equity, and your contractor has to be able to pull permits and sign draw requests.
Ready to start your Philly renovation loan?
Free, no-obligation consultation. Tell us about the house and the project, and we’ll call within one business day.
Free Philly Renovation Loan Consultation
Tell us about the house and the project. Jeff’s renovation team will call you within one business day.