I do 203K loans - both regular and streamline. The latter has a max repair loan amount of $35,000. The regular 203K does not have any limits on the repair amounts or the type of repairs; it does however, require a consultant to oversee and approve the repairs. The consultant's fees are added to the loan or may be paid in advance. The regular 203K loan is used for more extensive repairs with a min. escrow amount/repairs of $5,000 with a max term for the repairs not to exceed 6 months.
The 203K Streamline aka Mini 203K does not have a min. loan repair amount and does not require a consultant. Repairs in the streamline program must be completed within 90 days of closing. Contractors must be licensed and insured to do the repairs and will be paid in two disbursements only - 50% at or shortly after closing and the balance paid upon completion.
Not having any luck with your lenders? Give me a call, I may be able to help you close more loans.
I do alot of these loans in Orlando and I do them throughout the Florida.
I look forward to hearing from you soon.
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL