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FHA Renovation Loan -

203K Streamline! 

203K streamline 

 

The FHA 203K Streamline program allows borrowers to purchase or refinance a home that needs up to $35,000 of rehabilitation repair work.  The repair work can be financed over and above the contracted sales price, with the total being added to the final loan amount.

 

  Examples of improvements: 

-          Repair or replace plumbing, electrical or heating and air conditioning systems.

-          Repair or replace flooring and carpeting.

-          Remodeling kitchens or bathrooms.

-          Interior and exterior painting.

-          Purchase and installation of appliances and fixtures.

-          Accessibility improvements for persons with disabilities.

-          Repair/replace or add exterior decks, patios or porches.

 

  Program highlights include: 

-          Loan to value up to 96.5% of the finished, rehabilitated value.

-          1 and 2 unit properties are allowed

-          All of the other benefits of FHA financing remain: gifts, co-borrowers, up to 6% seller contributions, and a minimum credit score of 580 are all allowed.

-          Loan amounts up to $697,500 in San Diego

      $500,00 in Riverside/San Bernardino