203Ks : FHA Streamline Rehabilitation Loan by Gil Kerbashian
HUD is offering an FHA streamlined mortgage, called the “Streamline K" Limited Repair Program that
permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade
their home before move-in.
Home buyers can quickly and easily pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. All basic FHA underwriting guides apply as they do for regular FHA loans in regards to credit, income & asset documentation, etc. This is a perfect product for foreclosures or distressed properties that need repaires.
Repairs can be made for lots of items including upgrades to the home such as:
- Repair/Replacement of roofs, gutters and downspouts
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Repair/Replacement/upgrade of existing HVAC systems
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Repair/Replacement/upgrade of plumbing and electrical systems
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Repair/Replacement of flooring
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Minor remodeling, such as kitchens, which does not involve structural repairs
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Painting, both exterior and interior
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Weatherization, including storm windows and doors, insulation, weather stripping, etc.
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Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
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Accessibility improvements for persons with disabilities
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Lead-based paint stabilization or abatement of lead-based paint hazards
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Repair/replace/add exterior decks, patios, porches
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Basement finishing and remodeling, which does not involve structural repairs
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Basement waterproofing
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Window and door replacements and exterior wall re-siding
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Septic system and/or well repair or replacement
For a more detailed reference on this program click the link below.
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