Streamline 203k Program

HUD has developed a new FHA insured mortgage program, called the “Streamline 203k” Limited Repair Program that permits homebuyers to finance up to an additional $35,000 of repairs into their mortgage to purchase and improve or upgrade the home before move-in or to refinance an existing mortgage and add up to $35,000 in repairs or improvements. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Unlike the standard 203(k) program, any FHA approved lender may originate a Streamlined 203k mortgage.

 

The following repairs can be financed with this program:

* Repair/Replacement of roofs, gutters and downspouts
* Repair/Replacement/upgrade of existing HVAC systems
* Repair/Replacement/upgrade of plumbing and electrical systems
* Repair/Replacement of existing flooring
* Minor remodeling, such as kitchens, which does not involve structural repairs
* Exterior and interior painting
* Weatherization: including storm windows and doors, insulation, weather stripping, etc.
* Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves.
* Improvements for accessibility for persons with disabilities.
* Lead based paint stabilization or abatement of lead based paint hazards.
* Repair, replacement or the addition of exterior decks, patios and porches.
* Basement remodeling which does not involve structural repairs.
* Basement waterproofing.
* Window and door replacement and exterior siding replacement.
* Well or septic system repair or replacement.

 

This program can also be used with the purchase of a HUD home. Find out more about the Streamline 203k program by visiting the following HUD website: http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm

Team Woodall Tip: The Streamline 203k Program can be a fantastic asset for purchasers or homeowners looking to renovate a property in need of repairs, however the process for obtaining the financing isn’t necessarily a quick undertaking. Contact a lender for additional details on the program, but be advised that the borrower will have substantial work and documentation to provide in order to obtain money under this program.

Stephen Woodall
REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.


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