Browsing All Posts filed under »FHA 203(k) Streamline Loans«

203K for Condos

January 20, 2011

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The Department also permits Section 203(k) mortgages to be used for individual units in condominium projects that have been approved by FHA. The 203(k) program was not intended to be a project mortgage insurance program, as large scale development has considerably more risk than individual single-family mortgage insurance. Therefore, condominium rehabilitation is subject to the […]

FHA 203(k) Streamline Borrower Qualification

January 19, 2011

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-This is an FHA loan.  FHA guidelines apply.  -Minimum Credit Score of 640 required. -Cash reserves are not needed on 1-2 unit properties. -The borrower must be purchasing the property as a primary residence.  Investment properties are NOT allowed.   

What repairs can be done with the 203(k) loan?

January 19, 2011

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The types of improvements that borrowers may make using 203(k) Streamline financing include: Repair/Replacement of roofs, gutters and downspouts Repair/Replacement/upgrade of existing HVAC systems Repair/Replacement/upgrade of plumbing and electrical systems Repair/Replacement of flooring Minor remodeling, such as kitchens, which does not involve structural repairs Painting, both exterior and interior Weatherization, including storm windows and doors, […]

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