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FHA 203k Loan in Glades County, Florida

Florida's real estate market is rising, and Glades County has become a trendy place to live, work, and play. With so many new developments in the area, there are lots of opportunities to buy a home that needs repairs or renovations before you can move in. FHA 203k loans allow you to borrow money from the bank and use it to rehab or renovate your home to improve its liveability, value, and functionality.

Getting approved for an FHA 203k loan in Glades County, Florida, can be easy if you know what to expect and have the correct information and the right team on your side. Read to learn more!

This article will walk you through everything you need to understand about FHA 203K loans, including the various types, eligibility requirements, application, and how to use these loans to transform your outdated house into your dream home. We'll also look at the five best desserts to enjoy while living in Glades County, Florida.

The Basics of FHA 203K Loans

The FHA 203(k) home loan is a program developed by the U.S. Department of Housing and Urban Development. It's one of the many loan programs from the Federal Housing Administration (FHA).

This loan allows you to purchase a home and finance up to $35,000 for repairs or remodeling if you meet specific eligibility requirements. One of the top reasons homeowners obtain these loans is because they need funding to renovate their homes due to age or storm damage, a common natural disaster in Florida.

An FHA 203K loan requires little down payment and offers greater flexibility than traditional renovation loans. Its low-interest rates and extended repayment terms make it an attractive option for those seeking to enter homeownership or make critical home repairs.

Types of FHA 203K Loans

There are two primary types of FHA 203K loans, each with its requirements and benefits. Understanding how each type can help you will help determine the right option for your financial and property situations.

So, read on to find out more about the three types of FHA 203K loans in Glades County, Florida:

FHA Standard 203K Loan

The FHA Standard Loan works the same as the traditional home improvement loan. It can be used to finance up to $35,000 worth (and not below $5,000) of qualifying expenses for a single-family home. There's no maximum loan amount, but it can't exceed the FHA mortgage limitations.

You can use this loan when your property needs structural rehabilitation, non-safety-related landscaping, or renovation costs exceed $35,000. Improvements or upgrades that increase the value of the property are also allowed. For this loan to be approved, you'll need a contracting firm and a HUD consultant.

A HUD consultant will review the contract to ensure the contracting firm completes the work described under the agreement and that the property meets all the HUD minimum property standards.

The following is a list of home renovations eligible for a Standard 203K loan in Glades County, Florida:

  • Expand the size of your kitchen by extending into the dining room.

  • Increase the size of windows to improve the interior lighting.

  • Construct a detached garage if you don't have one already.

  • Construct an addition to increase square footage.

  • Knock down walls to extend the floor plan.

  • Construct a retaining wall to control flooding.

  • Refurbish an attic or basement.

  • Repair foundational issues.

  • Repair a pool.

FHA Limited 203K Loans

You may qualify for a limited 203K loan if you only need to make a few repairs to your home, typically inexpensive projects such as cosmetic improvements, painting, and minor renovations. The loan limits can range from $5,000 to $35,000.

However, it's important to note that this type of loan has stricter eligibility requirements than the Standard 203k Loan. No matter the purpose for which you borrow the money, it cannot be used to make payments on your mortgage.

The home must be in good condition with no significant issues since there are strict guidelines for what needs to be repaired or improved on the property. After all, you don't need a HUD-approved consultant to be approved for these loans.

You'll only need to submit a written work plan to illustrate your understanding of the contractor's bid. Below is a list of home rehabilitation projects eligible for an FHA Limited 203K loan in Glades County, Florida:

  • Do minor kitchen renovations that don't involve structural restorations.

  • Enhance the home accessibility for individuals living with a disability.

  • Replace your windows and doors to promote energy efficiency.

  • Restore or replace the roof, gutters, or downspouts.

  • Paint the property's interior and exterior.

  • Replace the showers and tubs.

  • Replace or mend the siding.

  • Fix the septic.

The HomeStyle Renovation Loan

A HomeStyle renovation loan is a conventional loan that allows you to perform any repair permanently attached to the property. You can use this loan for structural and non-structural repairs on your property.

You're also entitled to landscape and install site amenities. The following are various remodel projects you can finance with a HomeStyle renovation loan:

  • Change the fascia of your property to enhance curb appeal.

  • Construct an attic and install dormer windows.

  • Mend the lead-based paint.

  • Develop an open-plan floor.

  • Construct an on-suite bath.

  • Update all fixtures.

  • Add a new carpet.

  • Revitalize a well.

  • Construct a pool.

Eligibility Requirements for the FHA 203K Loan Program in Glades County, Florida

Before applying for an FHA 203K loan, you must understand the specific requirements and if you meet them. If you're considering using this loan program, here are the eligibility requirements to help you know what you need to do to qualify.

Credit Score

To be eligible for an FHA 203K loan, you must have a credit score of at least 620. The higher your credit score, the more options you will have with loans and interest rates.

If your credit score is below this threshold, you can do a few things to improve your credit score to meet the minimum requirement. Start by requesting your credit report from credit reporting bureaus (Equifax, Experian, and TransUnion).

If you find errors on your credit report, take the necessary steps to correct them before applying for your 203K loan.

Debt-to-Income Ratio (DTI)

Debt-to-income ratio (DTI) is one of the most critical factors determining FHA 203K loan eligibility. It would be best to have a DTI ratio below 43% to meet lender requirements. DTI is calculated by dividing monthly debt payments by gross monthly income.

The higher your DTI, the more difficult it will be to qualify for a mortgage loan. Divide all your total monthly debt payments by your gross monthly income to know your DTI ratio.

Additional Product Information

FHA 203K loan program has additional eligibility criteria, ranging from minimum FHA property requirements to loan restrictions. Below are some other product conditions to consider when applying for an FHA 203K mortgage in Glades County, Florida:

  • Accessory dwelling units (ADUs) are only permitted on one-unit owner-occupied residences.

  • You can't use 203K loans to buy or renovate rental properties or refinance your existing mortgage.

  • Properties that qualify must include features such as sleeping spaces, kitchens, and bathrooms with running water.

  • Before applying, you can't have had a bankruptcy or foreclosure within the last two years.

  • You must occupy the residence as your primary residence during and after rehabilitation without collateralizing the property to take a loan from another source.

Wooden white house model and construction tools for home renovation

How to Apply for an FHA 203K Loan in Glades County, Florida

Applying for an FHA 203K loan can be a complex process, especially if it's your first time. So it's essential to understand what you need to do beforehand so that the application process goes smoothly and everything gets handled properly.

To learn more about how to apply for an FHA 203K loan, check out our comprehensive step-by-step guide below!

Find a Loan Officer

The first step in applying for a loan is finding a loan officer specializing in FHA 203K loans to help determine if you're eligible, explore your options, and fill out the appropriate paperwork.

An experienced loan officer will help you gather the correct information and documentation to qualify for a 203K loan that suits your specific needs. The best way to find a loan officer is by asking friends, family, and colleagues about their experiences.

Ask about how long it took them to get pre-approved if they closed quickly and what kind of service they received from their loan officer.

Get Pre-approved

The next step is pre-qualifying or getting pre-approved by your lender. To get pre-approved, you'll need to fill out a standard mortgage application and provide all your financial information, including proof of income, taxation proof, credit report/score, etc.

Make sure to include all your income sources, assets, and any available money you have on hand for the down payment.


Next, you'll be required to hire a HUD-approved consultant to assess the property's value and condition. The inspection and appraisal stage is crucial because it protects you and the lender from fraud or other misrepresentations of the property's true worth.

A HUD consultant will determine if your property requires rehabilitation work, ensure the appropriate permits for reconstruction have been met, ensure there are no hazardous substances, and confirm if your potential renovation project complies with all applicable environmental laws. A final report will help determine if your home and possible repairs are eligible for a 203K loan.

Submit Specs and Plans

To get an accurate report on specs and strategies, you'll need the services of a qualified designer, architect, or professional contractor.

You'll be required to deliver a detailed plan, especially if you intend to change the floor plan. You may also be asked to submit a cost estimate sheet, including labor and construction material costs.


After the final appraisal review, the file will be submitted to the lender for underwriting. If the file is approved, the lender will send you a decision letter which means you're close to reaching the closing stage.


After everything is done, the loan will close, and the contractor can begin work. After the contractor has finalized the necessary renovation work, the lender's appraiser or HUD-approved consultant will inspect the property to ensure it fulfills the HUD minimum property standards.

How to Create Your Dream Home with an FHA 203K Loan in Glades County, Florida

Want to transform your current home into your dream home without moving out or selling the property? With an FHA 203K loan, it's possible!

If you're considering renovating an older home with an FHA 203K loan, here are some essential home improvements to help you create the home of your dream without loving out and paying rent during the project:

  • Expand your living area by adding square footage to grow with your family as it gets bigger.

  • Construct an extra bathroom to avoid sharing one with your growing family.

  • Make refreshing touches to create a modern feel.

  • Get rid of debris, update all fixtures, and do the painting.

  • Add a pool to form a residential oasis.

5 Desserts in Glades County, Florida and Where to Find Them

Glades County, Florida, has some of the best desserts in all of Florida, and each one is better than the last. Whether you're craving something sweet to finish off your meal or want to treat yourself to something decadent, Glades County has some of the best desserts to leave you craving for more!

Here are the top 5 desserts you can't miss in Glades County, Florida, and where to find them!

Coconut Cream Pie

Coconut Cream Pie is the perfect dessert for any time of year, and no celebration is complete without this sweet treat. It has the consistency of decadent ice cream with fluffy whipped cream and flaky crust!

If you're looking for something more precious, this dessert will satisfy your sweet tooth and make your taste buds smile. Stop by one of the following spots in Glades County to grab your Coconut Cream Pie:

  • Adam's Anglers Reef Pkg & Lng
  • Joey's Pizza & Subs
  • Kurbside Treats
  • Haven Fresh
  • Subway

Strawberry Shortcake

When the strawberry shortcake season rolls around each year, it's a time for celebration. It's an iconic Florida dessert and will always be a hit with your family and friends. This is a layer of sweet biscuit-like cake under heaps of fresh strawberries topped with a silky cream cheese frosting that melts into the fruity concoction when you cut into it.

It's not only delicious but fun to make. This might be the most simple summer dessert - no baking required! Grab a bite in one of the following spots in Glades County, Florida:

  • Brown Cow Sweetery
  • Haven Fresh
  • Dollar General
  • Circle K

Key Lime Pie

Key Lime Pie is a classic dessert that has found its way into many people's homes for good reason. The refreshing flavors and rich textures are impossible to resist! Made with rich cream and freshly squeezed key lime juice, it's the perfect treat on a warm summer day.

All-natural variations are also available if you're looking for something more wholesome. You can get this dessert in about every eatery in Glades County, but below are the famous spots:

  • Kristin's Key Lime Pies
  • Publix Super Market
  • Dollar General
  • Ridge Market


Cheesecake is the perfect treat for a dessert lover. Rich and creamy without being too sweet, this dessert is ideal if you want to indulge your sweet tooth now and then. The ancient Greeks first developed Cheesecake as a cheesecake called tyropita, which means cheese pie.

Many variations of Cheesecake have been created since then, but most are simple to make with just a few ingredients - milk, cream cheese, sugar, eggs, and vanilla extract. You can try a Cheesecake in one of the following famous spots in Glades County:

  • Crumbs Country Grill
  • Aruba's Bar and Grill
  • Walmart Bakery
  • Ortona Tavern

Boston Cream Pie

Boston Cream Pie is a classic dessert that most people are familiar with. It consists of a light pie crust filled with vanilla custard and topped with a layer of chocolate icing and chunky toasted coconut.

There are many different variations on this recipe, so if you don't like the idea of the chocolate or coconut topping, there's a way for you to get your favorite flavor without straying too far from the original. You can find this delicious dessert:

  • Aruba's Bar and Grill
  • Kurbside Treats
  • Ortona Tavern
  • Haven Fresh
  • Arby's

Bottom Line

If you are looking to fix up your house, the FHA 203k Loan may be just what you need to get the job done. FHA loans are one of the most popular home loans available today because they let you finance just about any home improvement that will add value to your home or make it more enjoyable to live in.

If this sounds good, contact your local HUD-approved consultant, loan officer, or FHA lender to confirm your eligibility and whether FHA 203K suits your situation.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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