Wantsthehous…, Home Buyer in 55420

I am currently Pre-Approved for an FHA loan and would love to do the FHA 203k streamlined loan. My question

Asked by Wantsthehouse!, 55420 Sun May 17, 2009

is if I am pre-approved FHA how difficult and what qualifications are necessary to be FHA 203k streamline loan approved?

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4
Jeff Budzisz, Agent, Bloomington, MN
Thu Oct 24, 2013
It is not that much more difficult at all. If you work with an experienced agent, contractor and loan officer who has completed these before you will be coached right through the process addressing the specific needs based on the property you liked the best which met your needs.
0 votes
Patti Ann Ka…, Agent, Coon Rapids, MN
Tue May 19, 2009
The 203K Streamline is a program that allows home buyers to finance up to an additional $35,000 into their mortgage to upgrade or improve their home before they move in. The loan can be used to purchase appliances, replace flooring, paint, etc.

The Streamline 203k is intended to facilitate rather simple repairs or improvements to a home when there is no need for engineers, consultants, or architects, such as:

• 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, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

Only Owner Occupants and qualified Non-Profit Borrowers may use this program. There are many more details on the HUD website.
0 votes
Jackie Funk, Agent, Minneapolis, MN
Mon May 18, 2009
There has to be a value-ratio after your "remodel/fixes". Talk to your lender and have them walk you through the process. If you borrow 40k, but only end up using 35k, the rest gets put towards lowering your mortgage loan. Good luck!
Web Reference:  http://JackieFunk.com
0 votes
Lenny Frolov, Agent, Brooklyn Park, MN
Mon May 18, 2009
I think you may be confused, the FHA 203k loan is an FHA rehab loan. To my knowledge the qualifications are basically the same either way, the 203k takes a lot more paperwork because of the rehab part.
Web Reference:  http://www.lennyfrolov.com
0 votes
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