FHA 203(k) Full & Streamline Loan

Purchase and Rehab up to $35,000 all in one loan:

  • Low cash investment only 3.5% of total loan amount based on FHA 1st, MIP, and 203(k) improvements.
  • 640 minimum FICO required
  • Owner occupied single-family homes, PUDs, condominiums, and manufactured homes
  • Maximum loan amount $417,000 (varies by county, call for details)
  • Can be combined with an Energy Efficient Mortgage (EEM)
  • Appraiser will determine “as-is” and “improved value”
  • 50% of funds dispersed at closing, and construction begins within 30 days
  • Up to $35,000 above purchase price, acceptable improvements include:
    • Roof repair/replacement
    • Purchase of appliances
    • Minor renovations
    • Painting
    • Safety upgrades
    • Replacement of windows & doors