Do you have a house that needs a face lift in order to help it sell?

Mortgage and Lending with ~ FL FHA Mortgage Expert

Great News Realtors!!! 

Wholesale lenders Nationwide are making our favorite loan financing option available again to qualified borrowers.  This home repair and remodel loan has the same great low rates like traditional FHA financing and is credit friendly. By offering this home improvement loan you can benefit your sellers and help your buyers upgrade those outdated homes that need a remodeled kitchen, updated bathroom or new flooring.  For fixer uppers with minor repairs, old roof and windows or in desperate need of a paint job this property improvement loan is just the financing that rehabbers need to buy your home!

Here's how it works...

Developed by HUD this FHA insured mortgage called the Streamline 203 K Limited Repair Program allows buyers to finance up to $35,000 into their purchase or refinance transaction of one to four unit single family properties, including HUD REO homes.  The eligible improvements must be minor repair, upgrades or cosmetic remodeling.  See list of approved work allowed below.  HUD will not allow structural repairs, new construction including room additions, removal of load bearing walls, landscaping or any repair that will take longer than three months and requires detailed plans and drawings. 

The homes value will be determined by the lesser of

  1. Maximum (statutory) mortgage limit for area
  2. "As is" value (purchase price or debt owed on refinance) plus the cost of the rehabilitation
  3. 110% of "After Improved" value; Condo's are accepted with this program but limited to 100% of "After Improved" value; Manufactured Homes are included in this program but have other restrictions

Borrowers must meet all the standard FHA qualifying requirements for approval and occupy the property as a primary residence.  The property must be 100% completely built and must be 1 year old.  Cash out refinance transactions are not eligible with this product.  The lender requires that all work must to be completed within 3 months.  The homeowner can do some of the work themselves with proper experience, an executed self help agreement and their labor may not be a cost in the transaction.  The homeowner will need to supply written estimates that are reasonable and customary for the property location although architectural exhibits, plans and general contractors are not required.   There will be a mandatory 10% minimum contingency required that will be credited toward the principal balance of the loan if not used completely.  This loan financing is a one close transaction.

Eligible improvements include

  1. Repair/Replacement of flooring
  2. Repair/Replacement/Upgrade of plumbing and electrical systems
  3. Repair/Replacement/Upgrade of existing HVAC system
  4. Repair/Replacement/Upgrade of roofs, gutters and downspouts
  5. Minor remodeling such as kitchen or bathroom which does not require structural repairs
  6. Painting of the exterior or interior
  7. Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  8. Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  9. Improvements for accessibility for persons with disabilities
  10. Lead-based paint stabilization or abatement of lead-based paint hazards
  11. Repair/Replace/Add exterior deck, patios or porches
  12. Window and door replacements
  13. Exterior wall residing
  14. Septic system and/or well repair or replacement
  15. Basement finishing and remodeling, which does not involving structural repairs
  16. Basement waterproofing


For more information go to or call Kristina Yorke, Millenia Financial Group, LLC, at (727) 692-9304.  Kristina has worked in the St Petersburg Florida mortgage origination field for 8 years and is currently working with wholesale lenders and mortgage clients Nationwide.


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