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Charleston FHA 203(k) Rehab Loans

Charleston FHA 203(k) Rehab Loans can combine a home purchase or refinance with eligible repairs. Compare the whole project cost, not just the asking price.

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FHA 203(k) loans can help you buy and renovate, or refinance and renovate.

Purchase and renovate

Love a Charleston home, but not its worn kitchen or old roof? An eligible 203(k) can combine the purchase and approved repairs in one mortgage. A home needing work may widen your search when move-in-ready stretches your budget.

Refinance and renovate

Keep the home and location you love while planning eligible improvements. A 203(k) refinance replaces your mortgage, so compare the new full loan cost with keeping your current loan.

How do I buy a house and fix it up?

You and the home must qualify. Disrepair alone does not qualify a home, and repairs do not guarantee equity. HUD: eligible repairs and completed value

You choose a contractor and request a written estimate that lists the repairs and costs. Share it with the lender.
For Standard 203(k), a HUD consultant prepares the work plan and cost estimate. You and the lender review the scope before closing.
The lender reviews your finances, the home and proposed work. The appraisal helps the lender assess the finished-home value.
At closing, the seller is paid. Repair funds go into a lender-held account called escrow. Payments follow the loan's work and inspection rules.

HUD: Standard and Limited 203(k) HUD: June 2026 repair-fund rules

What repairs might fit?

Give the lender your inspection findings and repair list. Eligible work can include: HUD: eligible repairs and completed value

Roofing, gutters, windows and floors
Heating, cooling, plumbing and wiring
Kitchen, bath and access improvements

Should I use Standard or Limited?

The type of work matters as much as its cost. HUD: Standard and Limited 203(k) HUD: rehabilitation costs, fees and reserves

Standard: Major or structural work, with at least $5,000 in repairs and a HUD consultant.
Limited: Eligible minor, non-structural work, with total rehabilitation costs up to $75,000, including applicable fees and reserves. A consultant is optional under HUD rules.

Ask the lender which contractor records it needs. Check local licensing, insurance and permit needs for the actual work. Do not assume FHA approval is a city building permit.

Could I buy a duplex, fix it up and live in one unit?

An eligible duplex, triplex or fourplex can combine purchase and approved repairs through FHA 203(k). You live in one unit as your main home. Standard or Limited may fit, depending on the work. HUD: eligible repairs and completed value

Charleston's city planners show a four-unit home beside a detached house in Wagener Terrace, and a duplex in Old Windermere, in their 2021 article. Charleston city planners: housing types

Ask your agent about existing legal two-to-four-unit homes. Have the local office and lender confirm the unit count and loan fit. Charleston: address and jurisdiction tools

Rent from the other units may help with ownership costs and qualifying income. The lender checks the rental records and appraisal; it does not simply subtract rent from your mortgage payment.
For a triplex or fourplex, the lender must test the property's estimated rents against its housing payment. You also need at least three months of housing payments in reserve after closing.
Keep room for vacancies and upkeep. The lender still reviews your finances, the property and the repair plan.

HUD: occupancy, rent and reserve rules

Our take: a home with another legal unit to rent is worth comparing when your budget feels tight. Put the full payment, repairs and cash reserves beside a realistic rent plan. Choose a home and budget you can live with.

How do I refinance my home and renovate it?

Both Standard and Limited can serve an eligible refinance. HUD: eligible repairs and completed value HUD: Standard and Limited 203(k)

Standard can fit major or structural repairs.
Limited can fit smaller non-structural work. The caps and consultant rules above still apply.

You give the lender your current mortgage details, repair plan and contractor's estimate.
The lender checks your finances, property and work. An appraiser estimates value after the planned repairs.
The new mortgage pays off the existing mortgage at closing. The repair funds go into escrow, not unrestricted cash in your pocket.
The contractor completes the approved work. The lender releases payments under the applicable draw and inspection rules.

Use the same contractor checks as a purchase. Compare the new rate, fees, loan term and full payment with your current mortgage before deciding. HUD 203(k) guide CFPB refinance guide

What should I budget for the home and repairs?

Compare the whole project

A lower price is only a starting point. Compare the home, work and payment together. CFPB Loan Estimate guide

Down payment when buying, plus closing costs for either path
Approved repairs, any required reserve and consultant fees
FHA mortgage insurance, taxes and property coverage
Permits, inspections and housing during repairs

What are Charleston County's FHA limits?

HUD lists these 2026 Charleston County base mortgage limits. They are loan limits, not a repair allowance or home-price cap. Confirm the property county, unit count and 203(k) calculation. HUD: 2026 county and unit limits

One unit: $690,000
Two units: $883,300
Three units: $1,067,750
Four units: $1,326,950

Charleston homes: three starting points

Charleston's older homes offer different layouts to work with. These examples come from the city's 2009 studies, not current listings or promises of loan eligibility.

Cannonborough-Elliottborough: work with the footprint

The city’s 2009 study describes narrow lots, dense development and Charleston single houses in Cannonborough-Elliottborough. Ask your contractor whether kitchen or bath changes fit the existing footprint. Charleston: Cannonborough-Elliottborough study

Byrnes Downs: improve the cottage you have

Charleston's 2009 study describes compact brick cottages in Byrnes Downs, originally one-and-a-half stories. Compare fixing the roof and systems with adding space. Structural work may call for Standard 203(k). Charleston: Byrnes Downs study HUD: Standard and Limited 203(k)

Old Windermere: a yard is not an addition approval

The city’s 2009 Old Windermere study records varied house styles and larger lots than Byrnes Downs. Have a designer check building setbacks, trees and flood rules before you budget for an addition. Charleston: Old Windermere study

Four checks before you price the repairs

Will historic rules change my exterior plans?

Charleston's historic-design review can affect visible exterior changes in its historic districts and on listed landmark properties. Ask your contractor to check roof, siding or porch choices with city staff before pricing the work. Charleston: historic review scope

Should I repair or replace the windows?

Charleston's window policy can limit replacement choices, including vinyl, depending on the property. Compare repairing the windows with a city-approved replacement before choosing materials. Charleston: window replacement policy

Could flood rules change my repair budget?

In Charleston's mapped high-risk flood areas, the city totals improvements over one year. At 50% of the building's value, excluding land, the work can trigger current flood-safety rules. Ask city staff how your plans and recent work count, including permits for indoor repairs. Check the city's flood information for the address, even outside mapped high-risk areas. Charleston: floodplain repair rules Charleston: property flood information

Which local rules apply to this home?

Use Charleston's address tool to check whether the property is inside the city. A Charleston mailing address does not establish city limits. North Charleston has its own permit office. For an unincorporated address, check the county authority. Charleston: address and jurisdiction tools North Charleston: building and repair permits Charleston County: building inspections

Which other ways to fund repairs should I compare?

Buying a home needing less work?

Compare FHA loan choices and the cost of a home needing fewer repairs. A renovation loan adds contractor and project review; it does not make every home affordable.

Want to keep your current mortgage?

Compare a home equity loan or HELOC with replacing your whole mortgage. These have their own costs and risks. A 203(k) is not a HELOC. CFPB home equity comparison

The people behind your next step

Meet the Beaufort Lending team

Beaufort Lending is a mortgage broker in Port Royal, helping buyers across South Carolina. We shop loans from wholesale lenders, then help you compare payments and closing costs. Our team explains your choices in plain words and helps you see what fits your budget. From your first questions to closing, you have people to turn to for help.

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What clients say about our team

Easy to communicate with, always available to answer any questions and provided a seamless experience.

Matthew KriderRead on Google

Gracie went above and beyond to make my home loan process smooth and stress-free after my previous lender kept delaying my closing.

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They were clear, knowledgeable, and prompt in answering our questions at all hours.

Jill SurkusRead on Google

What else should I ask about a Charleston renovation?

Where could historic repair planning matter?

Charleston's historic-review records include homes in Harleston Village, Radcliffeborough and the French Quarter. These are examples of local review, not approval for every property in those neighborhoods. For a home you are considering, check today’s district map and proposed work with city staff. Charleston: neighborhood historic review examples Charleston: historic review scope

Does a fixer-upper guarantee a lower total cost?

Compare the price, approved repairs, reserves, fees and new monthly payment with the cost of a home needing less work. A lower asking price alone does not prove affordability. CFPB Loan Estimate guide

Sources checked October 25, 2026. Confirm the rules for your address and loan.

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Let's plan your Charleston purchase or refinance with repairs

Share the address, price or loan balance, repair ideas and budget. We can discuss what may fit and what the lender and local offices need to review.

Submit Your Scenario Call (843) 524-2404 Text (843) 441-0668

Benji Gecy, NMLS #302188 · Beaufort Lending, NMLS #1703543 · Equal Housing Lender