We encourage users to use the free NMLS Consumer Access Link to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is authorized to conduct mortgage business in their state.
The
Section 203(k)
program is the Department's primary program for
the rehabilitation and repair of single family properties.
The FHA 203K
program allows
borrowers to add funds to a new
FHA Purchase Mortgage
or to secure funds for rehabilitation,
home improvements or repair work
to someone who already
has a home mortgage using
aStreamlined
203KLoan
Purchase Program:
Get up to $35,000.00
dollars for Home Improvements toward your
new purchase.
Mini (Streamline) 203K Refinance:
Borrow up to $35,000.00
dollars for Home Improvements toward your
existing home, even if you don't have
the equity!
If you have passed up buying homes that require
cosmetic repairs for lack of funds to fix them up,
the FHA has a program for you. Not to be confused
with FHA's much more complicated 203K program,
aStreamlined
203Kloan
eliminates much of the paperwork and simplifies
the process to obtain rehab
The Streamlined 203K 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 just some repairs / improvements
from HUD:
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
