What is the Streamline 203k program?
HUD has developed a new FHA insured mortgage program called the Streamline 203k Limited Repair Program that permits homebuyers to finance up to an additional $35,000 for repairs into their mortgage to purchase and improve or upgrade the home before move‐in or to refinance an existing mortgage and add up to $35,000 for repairs or improvements. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Unlike the standard 203(k) program, any FHA approved lender may originate a Streamlined 203k mortgage.
The following repairs can be financed with this program:
- 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 existing flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Exterior and interior painting
- Weatherization: including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including free‐standing ranges, refrigerators,
- Washers/dryers, dishwashers and microwaves.
- Improvements for accessibility for persons with disabilities.
- Lead based paint stabilization or abatement of lead based paint hazards.
- Repair, replacement or the addition of exterior decks, patios and porches.
- Basement remodeling which does not involve structural repairs.
- Basement waterproofing.
- Window and door replacement and exterior siding replacement.
- Well or septic system repair or replacement.
This program can also be used with the purchase of a HUD home. Find out more about the Streamline 203k program by visiting the following HUD website: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kmenu.