what's the max financing i can get with a 203k loan?

FHA has a maximum loan amount of $271, 050 for most of the country. Certain area's might be slightly higher.. for a 203K, you would still need to be within the maximum loan limits, and the improvements cannot be greater than 50% of your homes value. But as others have suggested, I would not use the 203K for a $10K deck. FHA will make you hire a consultant, and you cannot do the work yourself, it has to be done by a licensed contractor.. You might be better off using conventional HomeStyle renovation.. no consultant, no expensive MI, or if you're below 80% LTV, no MI at all, etc... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Use the following link to find where you are located for the FHA Lending Limits. https://entp.hud.gov/idapp/html/hicostlook.cfm

WIth a 203k you can actually borrow more than the house appraises for AFTER the improvements are completed but using that financing option would trigger the most recent FHA insurance requirements. That is NOT the same as a FHA streamline refinance where you can't get any cash out to finish the deck. With your credit score as ong as the house appraises high enough you could borrow up to 95% of the value with any improvements you plan (deck or other improvements) on a CONVENTIONAL loan which would have much lower PMI cost than a FHA loan, but the interest rate would likley be slightly higher. If you are VA eligible you can borrow up to 100% of the current value of the home. I can help (refer you to one of my co-workers who handles NJ loans): pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

If you are looking for a 203k loan in NJ I can help you. 215.256.9200

I agree with Phil below that a 203k loan would probably no be your best first option. If you have any find of equity going with a conventional loan would certainly be cheaper in the long run. With that said if a 203k is your only option I can certainly help you with that as well. Feel free to email me at casey@nationsloans.com