The FHA 203k Loan is a home improvement loan, sometimes called a renovation loan. 203k loans are designed to fund repairs for houses that are damaged or in need of repair or rehabilitation. The loan covers the cost of the property but also the cost of necessary home repairs. The down payment requirement is low. The FHA 203k Loans are offered by the Federal Housing Administration they offer a low down payment of 3.5%. A 203k Loan can also be used when purchasing a HUD Home.   There are two types of FHA 203k loans, standard 203k loan and 203k streamline loan. Standard 203k loans are for homes that need structural repairs, and Streamline 203k loans are for those that do not need structural repairs. In order to qualify, the homeowners must plan to live in the home they are repairing, and me... 03/17/2014