The Furlong Team is pleased to offer the FHA Streamline 203(k).
A few quick things to know about 203(k):
- Find your contractor early. They need to be licensed and should be organized with their paperwork!
- Repairs should not require large structural changes.
- The timeline for closing is longer than standard mortgage programs.
- 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).