Purchase and Renovate loans in Myrtle Beach
With an FHA 203(k) Purchase and Renovate Rehab Loan, you can finance the purchase and renovation of a home in one simple mortgage.
FHA 203k Rehab Loans in Myrtle Beach: Buy a Fixer-Upper and Finance the Renovation in One Loan
FHA 203k loans let Myrtle Beach homebuyers purchase a property that needs repairs and roll the renovation costs into a single mortgage — one loan, one closing, one payment. The loan is based on the home's after-renovation value, not its current condition. Beaufort Lending originates both 203k Limited (cosmetic repairs up to $75,000) and 203k Standard (structural and major system work) loans throughout Horry County and the Grand Strand.
Why 203k Loans Make Sense in the Myrtle Beach Market
The Grand Strand has a significant inventory of older homes — particularly in Conway, Loris, and inland Horry County — that are priced below market because they need updating. Many of these properties have been passed over by buyers who couldn't figure out how to finance both the purchase and the work. The 203k loan solves that problem by financing both in a single mortgage, and basing the loan amount on the home's value after renovation is complete.
Additionally, Myrtle Beach's coastal exposure creates properties with storm-related damage, outdated electrical and plumbing systems, and deferred maintenance that conventional buyers walk away from. For buyers willing to take on the process, these properties often represent the best value on the Grand Strand — and the 203k loan is the financing tool that makes them accessible.
Best Property Types for 203k in Myrtle Beach
- Older homes in Conway, Loris, and Aynor needing updates
- Properties with storm or wind damage excluded by buyers
- Foreclosures and estate sales in as-is condition
- Outdated 1980s–90s homes in established neighborhoods
- Properties that don't meet conventional appraisal standards
- Homes with deferred maintenance priced below comps
What the 203k Covers
- Kitchen and bathroom remodels
- Roof, HVAC, electrical, and plumbing replacements
- Windows, doors, and weatherization
- Flooring, paint, and cosmetic updates
- Structural repairs (Standard 203k)
- Room additions and accessibility improvements (Standard)
- Landscaping and site work (Standard)
203k Limited vs. 203k Standard: Which Do You Need?
For Cosmetic Rehabs
- Up to $75,000 in renovation costs
- Non-structural repairs only
- No 203k Consultant required
- Simpler draw process (max 2 draws)
- Faster timeline to close
- Kitchen, bath, flooring, roof, HVAC
- Weatherization and energy improvements
- Best for: cosmetic fixer-uppers
For Major Renovations
- No dollar cap (up to FHA loan limit)
- Structural repairs permitted
- HUD-approved 203k Consultant required
- Multiple draws as milestones completed
- Room additions, foundation work
- Full system replacements and gut rehabs
- Landscaping and site work included
- Best for: major structural renovations
How the 203k Loan Works: Numbers Example
| Item | Amount | Notes |
|---|---|---|
| Purchase Price | $225,000 | As-is distressed price |
| Renovation Budget | $60,000 | Kitchen, baths, HVAC, flooring |
| Total Project Cost | $285,000 | Purchase + renovation combined |
| After-Renovation Value | $335,000 | FHA "subject-to" appraisal |
| Loan Amount (96.5%) | $275,025 | Based on total project cost |
| Down Payment (3.5%) | $9,975 | Based on total project cost |
| Immediate Equity at Closing | ~$50,000 | After-reno value vs. loan amount |
Myrtle Beach Contractor Note: 203k loans require licensed, insured contractors — not owner labor (sweat equity is not permitted). All work must be completed within 6 months of closing. Your lender will review contractor bids before closing and an FHA-approved inspector will verify work at each draw. Beaufort Lending can connect you with experienced 203k contractors in Horry County who understand the draw process and timeline requirements.
FHA 203k Rehab Loan FAQs — Myrtle Beach
What is an FHA 203k loan and how does it work in Myrtle Beach?
An FHA 203k loan combines your home purchase and renovation costs into a single mortgage. Instead of buying a home and then financing repairs separately, you close on one loan that covers both the purchase price and the renovation budget. The lender holds renovation funds in escrow and releases them to contractors as work is completed. In Myrtle Beach, 203k loans are commonly used for storm-damaged properties, dated coastal homes, and older inventory in Conway and Loris that needs updating to meet market standards.
What is the difference between FHA 203k Limited and FHA 203k Standard?
FHA 203k Limited (formerly Streamline) allows up to $75,000 in renovation costs for non-structural repairs — cosmetic updates, kitchen and bath remodels, flooring, HVAC, roofing, and weatherization. No structural changes permitted. The Standard 203k allows unlimited renovation costs (up to the FHA loan limit) and covers structural repairs, room additions, foundation work, and major system replacements. A 203k Consultant is required for Standard loans and optional for Limited. Most Myrtle Beach buyers use Limited 203k for cosmetic rehabs.
Can I use a 203k loan to buy and renovate a beach house in Myrtle Beach?
Yes, if the property is your primary residence. FHA 203k loans are limited to owner-occupied properties — not investment properties or vacation homes. In Myrtle Beach, this means the 203k is best suited for buyers purchasing a primary residence that needs renovation, not investors targeting the STR market. The property must also meet FHA standards at completion. Investors looking to purchase and renovate for rental use typically turn to conventional renovation loans or hard money financing instead.
How much can I borrow on a 203k loan in Myrtle Beach?
FHA 203k loans in Horry County are subject to the standard FHA loan limit of $498,257 — this limit covers both the purchase price and renovation costs combined. For example, a home purchased at $350,000 with a $100,000 renovation budget = $450,000 total loan, which is within the Horry County limit. The after-renovation appraised value must also support the total loan amount. Borrowers need a minimum 3.5% down payment based on the total combined loan amount.
Found a Myrtle Beach Fixer-Upper? Let's Finance It.
Get pre-approved for a 203k loan and find out exactly how much you can borrow — purchase plus renovation — based on the home's after-improved value. One loan, one closing, one payment.
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