The 203K Streamline Refinance is a home rehab program that can be used to complete cosmetic upgrades or repairs to your home. The program does not require that the property have equity in it. The FHA allows the costs of repairs or improvements to be financed into the mortgage as long as they do not exceed the value of the home by 10%. Homeowner's with either a Conventional or FHA loan can utilize this program to complete work on their home that cannot be financed using typical home refinance loan programs. The FHA offers competitive 30 year fixed rates to borrowers with varying levels of credit scores. All work must be completed by a licensed contractor and the maximum amount of repairs/improvements the FHA allows to be financed into the loan is $35,000. The program can be used to complete any of the following:
• Repair, replace, and upgrade roofs, gutters and downspouts • HVAC systems (Heating, Ventilating, and Air Conditioning) • Plumbing and electrical systems • Flooring, exterior decks, patios, and porches • Minor remodeling that does not involve structural repairs • Interior and exterior painting • Weatherization, including doors, windows, insulation, stripping,
etc. • Appliance purchase & installation (ie. kitchen appliances, washer,
dryer) • Energy efficient upgrades • Lead-based paint removal & stabilization • Exterior wall re-siding