FHA 203(K) RENOVATION CONTRACTOR
Buying a fixer-upper with an FHA 203(k)? We build it. We write the detailed bids, coordinate the draw inspections, and bring older Philadelphia homes back to life.
Eliteco Builders is a family-owned general contractor at 217 W Girard Ave in Philadelphia, run by owner Julian Hinson and in business since 2009. We specialize in FHA 203(k) renovations: we write the itemized bid, coordinate the draw inspections, and build the work. We also do complete remodels, kitchens, baths, basements, and new construction.
TWO PATHS, ONE MORTGAGE
Limited 203(k)
- Nonstructural work
- Up to $75,000 total rehab cost
- no consultant required
- 9-month rehab period
raised from $35,000 for FHA case numbers assigned on or after November 4, 2024. Confirm current limits with your lender. Source
Standard 203(k)
- Major and structural work
- a HUD 203(k) consultant is required
- 12-month rehab period
- Consultant inspects each milestone
Confirm current limits with your lender. Source
ONE MORTGAGE TO BUY THE HOME AND FIX IT UP
An FHA 203(k) renovation loan rolls the purchase price of a home and the cost of repairs into a single mortgage. It is built for homes that are livable enough to finance but need real work. Philadelphia is full of older rowhomes that fit this exactly: solid underneath, dated on top.
THE POWER OF STRUCTURAL RENOVATION
Slide horizontally to see how an aged Philadelphia rowhome becomes an architectural masterpiece with Eliteco Builders.
PHILADELPHIA RENOVATION & 203(K) ESTIMATOR
Select your property parameters to gauge typical construction scope and schedule.
e.g. builder-grade materials, semi-custom fixtures, or fully bespoke finishes and stonework
e.g. removing or moving load-bearing walls, beam installs, openings, additions
Includes labor, architectural trade management, Philadelphia permitting, and material allowances.
A BUYER OR OWNER WHO WILL LIVE IN THE HOME
A 203(k) fits a buyer or owner who will live in a one- to four-unit home that needs work. You live in one unit and can rent the others. The loan covers the purchase and the renovation in one mortgage.
Source: HUD 4150.2 Appendix H . Confirm eligibility with your FHA-approved lender.
THE BID IS THE BACKBONE OF THE LOAN
On a 203(k) project, the contractor's bid sets the renovation budget and the draw schedule. It has to be detailed and itemized, and the work has to finish on time because the money releases in draws tied to inspections. That is why we structure the schedule to the draws from the start.
Detailed Bids
Itemized line items the lender and consultant can underwrite without back-and-forth.
Draw Coordination
We sequence the work to the draw schedule and call inspections at each milestone.
Consultant Liaison
We keep the bid and the consultant's scope aligned so the loan keeps moving.
THE 203(K) JOURNEY
Six steps, with the contractor's role at each one.
Find the Right Fixer-Upper
You find a fixer-upper that fits the program. A contractor walkthrough before the offer helps you read the real scope.
Learn more 02Choose Your Lender and Consultant
Your FHA-approved lender sets the loan. On a Standard 203(k), a consultant writes the work write-up and inspects milestones.
Learn more 03Write the Contractor Bid
We write the detailed itemized bid your lender and consultant underwrite. It sets the renovation budget and draw schedule.
Learn more 04Close and Begin Construction
Once the loan closes, we pull permits and start the work in sequence: demolition, framing, rough-ins, inspections, finishes.
Learn more 05Draws Release as Work Is Inspected
Each draw releases after completed work is inspected and signed off. We schedule the inspections and submit the draw paperwork.
Learn more 06Final Draw and Closeout
We finish the work, pass the final inspection, deliver closeout documentation, and the last draw releases.
Learn more“I'm a second-time homebuyer who first purchased a duplex on Fifth and Norris Street about seven years ago, working with Eliteco Builders for my 203K construction renovation. They did an excellent job walking me through the entire process, and I was able to sell my home in 2024 with a significant profit. I then moved to West Philly and bought another duplex, choosing to do another 203K renovation with Eliteco Builders.”
Google review from a 203(k) client
Read our 203(k) glossaryWHERE WE WORK ON 203(K) PROJECTS
We serve the greater Philadelphia metropolitan area and the Main Line for FHA 203(k) renovation projects, with a focus on Main Line estate renovations.
DEEP-DIVE GUIDES
READY TO BUILD IT?
Tell us about the property and the scope. We will talk through the bid, the draw schedule, and how we coordinate with your lender and consultant.
203(k) DisclosureEliteco Builders is a licensed general contractor, not a lender, mortgage broker, or HUD consultant. Nothing on this site is lending or financial advice. Loan programs, limits, and eligibility are set by HUD and your lender. Talk to an FHA-approved lender for financing details. For federal guidance, visit hud.gov.