Streamline 203k Features:
Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage
Term: 30 year fixed
The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.
Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include: new construction such as a room addition, repairs to structural damage or site amenity improvements.
680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines apply.
3.5% down payment and 6% seller contributions
Cash-out is not allowed and loan proceeds not advanced must be applied to principal.
Maximum repair amount is $35k minimum repair amount is $5k
STAY TUNED for a list of Eligible Improvements.Streamline 203K
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My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, AL. You may contact me at firstname.lastname@example.org or call me at 205-314-4775.