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203K Program in PA- Traditional vs Streamline
203K Program in PA- Traditional & Streamline
The FHA 203K loan program has become quite popular in Southeastern PA, particularly around Philadelphia, Easton, Reading & Lancaster. The FHA 203K loan allows homebuyers to get financing for the purchase and renovation of a home with the convenience of one loan and one mortgage payment.
Read more about the Benefits of the 203K program.
As a Home Inspector and 203K Consultant in PA, I sometimes get calls asking about the 203K Program in PA. I get questions like-
"What's the difference between the traditional and streamline 203K?"
"Do I need a 203K Consultant if I get the Streamline 203K?"
The Streamline 203K came along in 2005. HUD came up with this new FHA-insured mortgage program and they called it the “Streamline (K)” Limited Repair Program. This loan program allows homebuyers (and current homeowners who are refinancing) to borrow up to an additional $35,000 into their mortgage to improve or upgrade their home.
Traditional vs. Streamline 203K- so what's the difference?
With A Streamline 203k, there is no minimum borrowing threshold unlike a full or "traditional" 203K, but there is a maximum of $35,000, which must include a 10% contingency ... more
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