203k Streamline vs Full 203k

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By now you may have heard of the FHA 203k home improvement loan. If not, the basic gist of it is that you can buy a house (or refinance your current home) and finance renovations and repairs directly into the mortgage. You pay one house payment, which takes care of the principal of the house and the improvements you've had done all at once. That's the basic idea. Within this renovation financing option you have 2 directions you can take: Full 203k and the 203k Streamline.

The Full 203k from FHA covers major renovations like structural work. The 203k Streamline is for non-structural work under $35,000. So if the projects you want to do add up to more than $35,000 or involve the structure of the home, you'll need to go with the Full 203k. Let's look at a few examples of each.

You can there's a lot each option can help you finance. Let's learn more about 203k Streamline vs Full 203k with National Renovation Lending Expert Joe Daly as he breaks down the finer points of the 203k options in this Mortgage Minute.

Trouble viewing the above video? Find it on the AmeriFirst YouTube channel here - FHA 203k Loan: Full vs. Streamline

Learn more about this option for financing your home improvements with "The FHA 203k Survival Guide." You'll find more information comparing the Full and Streamline options, as well as details on 203k items like draws, inspections and bids. Get your free copy today.

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