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The Streamline 203k can help the house you want pass the HUD inspection required for FHA loans. The following list is a general idea of HUD requirements a home inspection may uncover. While each item may seem fairly small, adding them up will tally up quite a bill. Paying for them by financing the purchase with an FHA 203k Streamline will help spread the cost of it all over the life of the mortgage loan.
With the FHA 203k, you have 2 choices. You can utilize the Full 203k or the 203k Streamline. A Full 203k covers projects which total more than $35,000 or structural repairs. It also requires a HUD consultant. The Streamline 203k doesn't require a consultant (although working with an experienced professional is generally a good move) and it does not cover structural repairs. The full list (though not all-inclusive) for 203k Streamline FHA Minimum Repairs can be found online. Feel free to print that off and use it to decide whether the house you're looking at is a good candidate for the FHA 203k.
Learn more about renovation mortgage options like the FHA 203k with the free eBook "The Ultimate Guide to Home Improvement Loans." You can download the guide at the button below.
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