FHA 203K Streamline Limited Repair Program

The 203K Streamline Limited Repair Program allows a person to purchase or refinance a home to make limited upgrades to the property all under a single loan without having to exhausting any personal saving accounts. Borrowers can finance up to $35,000 in repairs and improvements.  There is no minimum repair requirement.  The repair money will be held in an escrow account and any unused repair money will be add to the loan balance, no cash out is allowed to the borrower. Borrowers are allowed to perform the repair work only when they have demonstrated that they have the necessary expertise and experience to perform the repair work completely.  Contractors must be duly licensed and bonded.

Eligible Repairs and Improvements

1)  Repair, replace, upgrade or add;  roofs, gutters, downspouts, HVAC systems, flooring, storm windows and doors, insulation, weather stripping, exterior wall re-siding and plumbing / electrical systems.

2)  Purchase and installation of appliances, such as free standing ranges, refrigerators, washers, dryers, dishwashers, and microwave ovens.

3)  Minor remodeling of kitchens and bathrooms, which does not involve structural repairs.

4)  Basement finishing, remodeling and waterproofing, but no major structural repairs.

5)  Accessibility improvements for persons with a disabilities.

6)  Repair, replace or add decks,patios and porches.
7)  Painting both the exterior and interior of the home.

8)  Septic system and Well repair or replacement.

9)  Pool safety repairs limited to $2500.

Ineligible Repairs and Improvements

1)  No major rehabilitation and remodeling, such as the relocation of a wall or structural repair damage.

2)  Any repair or improvement that requires detailed drawings,plans, architectural exhibits or plan reviewer.

3)  New home construction or room additions to existing homes.

4)  Lot Landscaping or similar site amenity improvements.

5)  Any work that requires longer than 3 months to finish.

6)  No foundations on manufactured homes.

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  MBongiovanni@TheLendingCo.com 

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