FHA 203k Streamline vs 203k Full Renovation

Reblogger Maureen McCabe
Real Estate Agent with HER Realtors


This is a Re-Blog of a post from Justin Williams a loan officer in Virginia Beach VA.

If the property you find is a great other than "___________." 

You can do "__________."

You fill in the blank with the improvements you need.   

Yes it does take a couple of weeks longer.




Original content by Justin Williams

Renovation Lending

The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.

Financing the costs of the home improvements through the mortgage can be cheaper than high interest credit cards, emergency savings and high interest unsecured loans.


Don't worry about the appraised value if the house is in bad shape, the loan is based on the after improved value of your improvements.

Typically these loans can close in 30-45 days, with contract work started within 30 days of closing.

Whats the difference between the 203k Streamline and Full Renovation?



FHA 203k Streamline

  • NO HUD CONSULTANT - this is the biggest distinction here compared to full renovation.  Saves time and delays.
  • Less fees vs a Full Renovation - cheaper
  • No Reserves - Full 203k requires reserves
  • Restricted to $35,000 in repairs - *no major structural repairs* Over 35k is Full 203k.
  • No Inspections - over 15k in repairs just needs to verify work is done.
  • No Contingency Added
  • Repairs must be completed in 6 months - no extensions, after 6 months must be kicked to full renovation.
  • Owner Occupied / 1-4 family



Rennovation Specialist

Renovation programs are great for 1st time home buyers providing solutions for needs and wishes into reality.


With Foreclosures and short-sales on the rise, many homes on the market need a lot of T.L.C and most of the time the previous owner had not taken complete care with the home, this is repair the 203k loan can shine for you.



Remember, not all Mortgage Professionals offer 203k Loans.  Consult with a Renovation Specialist who can guide you through the decision in Streamline vs Full Renovation.  By the way...I offer both :)



Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-228-3668)


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Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

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Sep 18, 2011 10:19 PM #1
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