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FHA is back to stay? Better find out about... 203K (Streamline Renovation Loan)

Qualification/Definition of 203K Streamline:  If a buyer qualifies for regular FHA loan (203B); they qualify for FHA 203k Streamline. As long as the loan does not exceed $35,000 in non-structural upgrades or repairs. Questions about qualifications should be addressed with your lender.  If your lender does not know about this type of renovation loan, please do not hesitate to ask your lender.

  1. Repairs cannot take 6 months
  2. Contractor must be able to pay out of pocket for up to 60 days and
  3. Contractor cannot get but 2 draws from the bank during the job - no exceptions
  4. State license contractor to do the work.  **Most lenders will not allow the buyer to do their own work (check with your lender on this first)
  5. It will take longer to close the transaction because of the necessary underwriting requirements
  6. All documents that are required must be completely filled in and turn in on time
  7. This loan does not cover previous incomplete construction work that was done prior to this transaction (check first)

Here is what you  CAN you do with an FHA 203k loan?

  • Windows and doors repair/replacement - including garage door
  • Flooring
  • New appliances - purchase and installation
  • Repair or replacement of roofs, gutters and downspouts
  • Upgrade of plumbing and electrical systems
  • While you cannot do room additions - you can do minor remodeling
  • Exterior decks, patios and porches
  • Paint
  • Wall paper/covering
  • Weatherization including storm windows, storm doors, insulation and weather stripping
  • Exterior siding, paint(replacing old siding)
  • Disability access improvements interior and exterior
  • Basement finishing and remodeling
  • Basement and crawl space moisture control and waterproofing
  • Septic system or well repair or replacement

There is no reason this type of renovation loan cannot work with Foreclosures, Short Sales and Traditional sales.  Just ask your lender.

There are other renovation loans out there.  The other one that is coming up fast in the ranks is HomePath Renovation loan.  I will research this one and post on it later.

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This post has been included in California Real Estate News San Joaquin County, CA Real Estate News
Post is included in group: 1st Time Buyers
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10 Comments on FHA is back to stay?? ... better find out about the 203k Streamline Renovation Loan

NOV
12
2009

I think this is a great program, especially for the area I work in...homes build from 1920-1970-ish.  
8:00am • #1
1 Featured Post Attended Rain Camp

I like this progaram a lot. Realtors don't use it enough. Sometimes they take a buyer away from a home they might want because of the lack of knowledge about this program. thanks for sharing.
8:08am • #2
403,919 Points 6 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Aja - the older homes are good canidates for the renovation, but nowadays the newer foreclosed homes are in need of renovation too.
8:15am • #3
403,919 Points 6 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Nancy, this is why I did my research. It sounded worst than what it is.
8:16am • #4
551,823 Points 3 Featured Posts Outside Blog Called Shot Master

Rosemary,  I believe the main challenge is conducting a good prepurchase inspection to determine that home doesn't have structural issues. I don't believe the 203K will fund those types of repairs. But otherwise it's a great program.
11:42am • #6
101,432 Points

Rosemary,

Great Post. I hope some buyers take advantage of this great loan program.

Thanks for sharing,

Matt Naumann
5:39pm • #7
282,573 Points 19 Featured Posts Localism Sponsor Outside Blog

My understanding is that these loans take a much longer time to close because of the review process - am I right or are they now more streamlined?
6:39pm • #8
NOV
13
2009
403,919 Points 6 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Yes John - I am told by a direct lender that they can take 45 days to close unless there are delays in the buyer getting the bids in correct and timely, and then you do have to be on FHA timeframe.  The repair work is done after closing.
2:44pm • #9
NOV
17
2009
403,919 Points 6 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Chain - you are correct they do not allow structural repairs
11:11am • #10
403,919 Points 6 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Matthew - you are correct, we need to get the information out to the buyers.  However, not all buyers or properties are qualified for this loan.  And it does take doing your homework because assuming this loan will work for you.  Structural damage is not included in this loan, it is time consuming, and you will need a good contractor.
11:13am • #11

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Stockton, CA

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