The FHA 203(k) program is a loan product designed to help owner-occupants remodel a home. Available when purchasing or refinancing a home, it wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for the area. There is also a limited 203(k) program, a simpler process which provides an amount up to $35,000 on top of an existing mortgage.