Can I Build the Cost of Repairs Into My Mortgage?
The FHA 203(k) Streamline loan product is intended to assist homeowners with basic repairs costing up to $35,000. (There is no minimum repair cost threshold.) It is designed to be an easy-to-use program for uncomplicated rehabilitation and/or improvements for which plans, consultants, engineers, and/or architects are not required. (More complex improvements are handled with the FHA 203(k) program that is described in another blog post.)
Use of the Streamline (K) program is limited to properties with the following work category items:
Repairs must comply with all local codes and ordinances and the borrower and/or contractor must obtain all required permits prior to the commencement of work.
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