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FHA Streamline 203(k)

The Furlong Team is pleased to offer the FHA Streamline 203(k).

A few quick things to know about 203(k):

  1. Find your contractor early. They need to be licensed and should be organized with their paperwork!
  2. Repairs should not require large structural changes.
  3. The timeline for closing is longer than standard mortgage programs.
  4. The underwriting process has more details and will be a bit more work than a standard loan program, but just have patience and you will be ok!

FHA’s Streamlined 203(k) program permits borrowers to:

  • Finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in
  • Finance funding to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser

FHA offers insurance to lenders for two repair programs – the 203(k) Streamline and the standard 203(k).

Eligible repairs include, but are not limited to:

  • structural alterations (not applicable on Streamline (k))
  • additions (not applicable on Streamline (k))
  • reconstruction (not applicable on Streamline (k))
  • remodeling (only minor remodeling allowed on Streamline(k))
  • new siding
  • plumbing
  • painting
  • decking
  • heating and/or air-conditioning
  • electrical systems
  • roofing
  • flooring and carpeting
  • energy efficient improvements
  • major landscape work (not applicable on Streamline (k))
  • pool repairs and pool fences.