What Is a 203k Mortgage?
Streamlined 203(k) Loans Cover Minor Repairs
Homes in need of minor, cosmetic repairs may qualify for up to a $35,000 loan amount through the 203(k) streamlined program. FHA lenders require less oversight of the repair work in a streamlined renovation. You can use it to make a purchased property move-in ready or prepare your home for sale. Common repairs include interior painting, re-flooring and kitchen and bathroom remodels.
Regular 203(k) Is Used for Remodeling
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The FHA 203(k) Streamlined Mortgage is a viable option for thousands of homebuyers.
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