The 203(k) streamline loan program offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity, without the extra cost or details as found in the regular 203k. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.
Made available to certain lenders by the U.S. Department of Housing and Urban Development (HUD), the FHA 203(k) streamline program has already provided many buyers with the funds necessary to buy their first home, or greatly improve a current home. The FHA 203(k) streamline loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.
203K Streamline Eligible Borrowers:
- Owner Occupants – Purchase – Refinance
- Non- Profits
- Investors NOT allowed
Types of 203K Streamline Loans:
- 30 or 15 year fixed rates
- One year ARMS
Eligible Properties:
- Single family dwellings
- Condominium
- Townhouse
- Mixed Use (Storefront)
- 1-4 Unit buildings- you can increase or decrease the number of units with this loan.
