Yes, you can qualify for a 203K loan even if you already own a home. Do you have a mortgage on your current home? If so is it an FHA loan? To us the 203K loan, you will need to occupy the home you buy. Meaning it cannot be a second home or and investment property. Please reach out to me, Mike Gracz from the Gustan Cho Associates for more details. I am an expert in renovation mortgage lending! You can reach me on 630-659-7644 or email me at email@example.com.