Streamlined 203(k) loan

Asked by 1sttimebuyer, Plymouth, MN Fri Jul 9, 2010

I am going to be securing a Streamlined 203k loan for a HUD property. I would like to install a security system. Does anyone know if this will qualify under the Streamlined 203k eligible expenses?

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Answers

6
Paul Welden, Other Pro, Tempe, AZ
Tue Jul 13, 2010
Yes a security system can be installed under the 203(k) Streamline loan program, subject to your lender approval. HUD/FHA do not state that this program dis-allows the installation of a security system but that doesn't mean that your lender will allow it because each lender has their own "overlay restrictions." So check with you lender to make certain this is possible.

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0 votes
James Gordon…, Agent, Hamilton, OH
Sun Jul 11, 2010
1sttime the guidelines are rather broad and depending on the lender may be classified under the safety area of repairs. I think that if their was money to work with they would not have a problem. After all when you do a rehab on a kitchen you can go from laminate counters all the way to granite and as long as there is money there is no problem.
0 votes
Aaron Dickin…, Agent, Champlin, MN
Sat Jul 10, 2010
Your lender can give you the answer for your situation - some lenders have different policies on improvements.
0 votes
CCC, Home Owner, San Diego, CA
Fri Jul 9, 2010
http://portal.hud.gov/portal/page/portal/HUD

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Right websites.

from website:
Eligible Improvements
Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.
0 votes
Brad Anderson, Agent, Maple Grove, MN
Fri Jul 9, 2010
This is a good question for your mortgage person. Check the HUD site also.
0 votes
Steele V. Pr…, , Minneapolis, MN
Fri Jul 9, 2010
I believe it would.

But you can also check the HUD website:

http://www.HUD.org

Steele V. Propp
0 votes
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