FHA 203k Streamline Loan

If you are like most home buyers, your desire is to purchase and move into a quality home that has been upgraded to new modern standards.

The FHA 203k Streamline loan offers the perfect solution for home buyers who want turn a less-than-perfect home in the perfect location, into their new dream home.

With the 203k streamline loan you can complete an incredible home-make-over just like you see on HGTV.   The loan provides funds to purchase (or refinance) a home and a renovation budget up to $35,000 to complete your cosmetic home-make-over.

With over 80% of today’s housing inventory aged and dated, you can use the 203k streamline loan to make a less-than-perfect home look like new again.

Need some ideas?

  • The Cosmetic Makeover:  Use the 203k Streamline Loan to update the floors, doors (and hardware), paint the interior, update light fixtures, to make an older home new again.  It will also increase the overall value and marketability of your home.
  • Curb Appeal Makeover:  Freshen up the outside with new siding, exterior paint, windows.

The Streamlined (k) program is intended to facilitate uncomplicated cosmetic rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required.

The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:

  • Repair/Replacement of roofs, gutters and downspouts
  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Repair/replace/add exterior decks, patios, porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement

For a complete overview of the Streamlined 203(k) program see the HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.

If you are shopping for a home you will find that nearly every home needs updating or improvements.

The FHA 203k Streamline loan is the perfect loan solution to buy your next home and then make it your own with your $35,000 renovation budget.


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