FHA 203k Streamline
Highlights of the FHA 203k Streamline Loan
- No 203(k) consultant or plan reviewer required
- No detailed work write-up
- Only need contractor bids and a signed contract
What is a FHA 203k Streamline loan?
A Streamline 203k is a limited repair program that facilitates a home purchase transaction (1-4 family) where the rehabilitation work property is in need of minor as indicated by the home inspection or appraisal. It is meant for properties that do not require structural repairs and will not exceed a total of $35,000 or $50,000 in a Qualified Opportunity Zone.
How a FHA 203k Streamline Loan Works:
With a Streamline 203k buyers may finance up to 110% of the “after-improved” value of the property (not to exceed $35,000 or $50,000 in a Qualified Opportunity Zone) for non-structural related property repairs and improvements. There is no minimum requirement on repairs and can include items such as: gutter repair, painting, flooring repair, lead-based paint stabilization and basement waterproofing. The Streamline k does not require the use of a consultant, architect, and engineer or require as many inspections as the Standard 203k.
Renovations are required to start 30 days after the loan closes and be completed within six months.
Related Products: FHA 203k