203k FHA loans, FHA Streamline 203K,203k loan fha

When you are purchasing a home that needs repairs or you need to upgrade your current home the FHA 203K Streamline loan is an excellent choice.

Eligible Repairs & Improvements
The FHA 203K Streamlined loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed contractor if it falls out of the borrower's area of expertise. Here is an approved list of repairs and improvements:
  • Roofs, gutters and downspouts
  • HVAC systems (heating, venting and air conditioning)
  • Plumbing and electrical
  • Minor kitchen and bath remodels
  • Flooring: carpet, tile, wood, etc.
  • Interior and exterior painting
  • New windows and doors
  • Weather stripping & insulation
  • Improvements for persons with disabilities
  • Energy efficient improvements
  • Stabilizing or removing lead-based paint
  • Decks, patios, porches
  • Basement completion and waterproofing
  • Septic or well systems
  • Purchase of new kitchen appliances or washer / dryer

Special Conditions & Terms
  • No minimum loan balance required.
  • Borrowers must occupy the property.
  • Property cannot be vacant for more than 30 days.
  • Work must be completed within six months.
  • Work must be professional.
  • If job requires a permit, borrowers must get a permit and a sign-off.
  • Work must commence within 30 days from closing.

Repairs Not Permitted
  • Landscaping or yard work
  • Major remodeling
  • Moving a load-bearing wall
  • Room additions or add-ons to the home
  • Fixing structural damage
  • Correcting hazard and safety issues