The FHA Streamline 203k refinance program will provide between $5,000 and $35,000 above the current loan balance to make repairs on a home. The extra money will be held in an escrow account and paid out as bills for the repairs are presented.
A homeowner should have a compelling reason to refinance a Streamline 203k mortgage soon after the repairs are completed. Possible reasons are a significant increase in the home's value allowing a cash-out refinance to put money in the homeowner's pocket or changing from an adjustable rate mortgage--ARM--to a fixed-rate loan. An FHA 203k Streamline loan can be written as an ARM, but the homeowner may prefer the security of a fixed-rate loan.
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