203k Rehab Loans If you’re in the market to purchase a fixer upper home then a 203k loan may be a perfect fit for you. These rehab loans are an extension of the FHA loan program. Instead of having to get two separate loans to purchase a home, and to get cash for upgrades or repairs. 203k home loans give you money to purchase a home and cash to renovate it with a single loan. Making it an ideal mortgage for first-time homebuyers purchasing a rehab home. The requirements for FHA 203k loans is similar to a standard FHA loan, except the credit score requirement is 640.