Mortgage and Lending with Envoy Mortgage,NMLS ID 6666 We Make Homes Loans Easy

FHA ALLOWS UP TO $35,000 FOR HOME REPAIRS THROUGH STREAMLINE (K) IN ROSEVILLE,FHA Streamline (k) CA.   FHA’s Limited Repair Program "Streamline (k)" makes FHA-Insured loans more attractive for properties that are sold in “as-is” condition.  Sellers can market their property without making any repairs and the buyer can financing up to $35,000 in required and optional repairs at close of escrow, before moving into their new home.

The Streamline (k) program is primarily for basic repairs, working ideally for Bank Owned or REO properties needing uncomplicated repairs or remodeling.   A General Contractor is NOT required, but licensed or bonded contractors are required to be used unless the buyer can demonstrate expertise or past experience in making repairs.  No inspection is required when work is completed if the amount of repairs is less than $15,000, with all repairs being done AFTER Close of Escrow.

The buyer is required to submit written bids from appropriate licensed contractors for any repairs to be financed.  Those repairs are limited to categories that don’t require professional assistance and include, but are not limited to these eligible items:

Minor remodeling, such as kitchens and baths not requiring structural repairs,  roofs, gutters and downspouts, painting, plumbing and electrical systems, decks, porches and patios, septic systems or well repairs, flooring, window and door replacement, exterior siding, appliance replacement and weatherization. 

Room additions, entertainment items like home theaters, hot tubs and swimming pools are NOT ALLOWABLE under the Streamline (k) Repair Program. 

Loan Approved

The FHA Streamline (k) Program allows buyers with limited resources to purchase, repair and upgrade a property with a minimum investment. When used properly, this will allow FHA buyers to purchase REO properties, and others, on a level playing field when sellers are not willing to do repairs.


Comments (11)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Thanks for this information.  There are so many programs out there that can assist buyers nowadays -we just have to do a better job of getting the word out.

Jul 01, 2012 05:16 PM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!


Good morning Doug, You certainly do an excellent job of educating and keeping us in the every changing loop!  Hope you have a fantastic week ahead my friend.

Jul 01, 2012 05:18 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

Rosemary:  Thanks for your comment.  I agree that not enough people know about all the great programs that are available. 

John:  Doesn't anyone around here ever sleep?   I'm still thinking about that wonderful photo you posted about the Sandia Mountain Views.  Thanks for visiting and for your comment. 

Jul 01, 2012 05:30 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Doug, thanks for educating us, so we can better help our buyers. I hadn't heard of Streamline (K) loan program. Hopefully buyers in the Roseville - Sacramento area will contact you for help.

Jul 02, 2012 01:35 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Important information that Realtors need to know about and share with their clients.

Jul 02, 2012 03:03 AM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Great post Doug!

It sounds like many can take advantage of the Streamline K loan Programs. Those that are interested should contact an expert like yourself for additional information regarding these loans.

Jul 02, 2012 02:17 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

Lottie:  This can work for your area too as you have lots of older homes that need some repairs.  Thanks for your comment.

Barbara:  We have to get the word out on the programs that can help buyers to purchase a home.  FHA is not a dirty word for sellers to stay away from.   Most FHA programs go through trouble free.  Thanks for your visit.

Tom:  When we can team up with a professional like yourself, it's a winning combination.  Thanks for your support my friend.

Jul 02, 2012 05:46 PM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Doug, this is such a great program to have available so that buyers can pick up these endless foreclosures that need repairs.

Jul 03, 2012 08:21 AM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

Connie:  Thanks for stopping by my post and leaving a comment.  Too many sellers think of FHA loans as a problem but this is one of the easiest loans to close, even with the rehab option of the Streamline (k).  It's a great way for a buyer to get a turn-key home, completely remodeled and ready to move in, at a bargain price.

Jul 04, 2012 12:18 PM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Always good to see you Doug, can't wait for the next meet up. As many times as you tell everyone about this great loan product it seems they would know but each time you tell them someone else hears it for the first time, this is great getting the info where it needs to get. You do a great job Doug.

Sep 17, 2012 11:12 PM
Roseville plumbers

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Nov 04, 2012 12:30 AM