Does 203k streamline require all interior painting to be done?

Asked by Saxe83, Uhrichsville, OH Fri Jun 18, 2010

I know 203k streamline requires all peeling paint to be removed, but do we have to paint over it? In addition the previous owner replaced and patched drywall, but didn't paint over it. Will FHA make us paint the walls as well. We were hoping to wait and do this at our leasure (i.e. as money becomes available) other wise we will have to put it in the loan. I'd rather not do this since I don't want to pay 5% for paint.

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Patrick Sams…, Agent, Centreville, VA
Fri Jun 18, 2010
Hi Saxe83,

Sam has given you great advice below. In most cases the paint is considered cosmetic and you can get away with doing at a later date. Check the plans that were submitted and approved at the lender before you make your decision.

Best of Luck! -Pat
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Sam Thompson, Mortgage Broker Or Lender, Alpharetta, GA
Fri Jun 18, 2010
Actually it's a little bit of a tricky question and can vary from lender to lender. Theoretically, if your loan is less than $15,000 in renovations, a final inspection is not required, only an invoice from your contractor that the renovations have been completed. So, ultimately what will be required depends on what the appraiser says. He/she will receive a copy of the proposed renovations and if interior paint is not included AND if he thinks the interior painting is required and notes it, he will list it as an item that needs to be included....So you might be able to determine the answer to your question after you get a copy of the appraisal...Hope that helps...and good luck with your project.
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