December 23rd, 2013 9:04 AM by Sam Kader
The Streamlined FHA 203(k) program is intended to facilitate uncomplicated & cosmetic 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 $35,000, eligible improvements are limited and can not include any major rehabilitation or remodeling, new construction such as room addition, repairs to structural damage, or site amenity improvements.
Let me help you purchase your dream home and have $35,000 for the home upgrades you always wanted:
Most improvements are eligible provided they add value and are permanently affixed to the foundation.
The following projects are considered inelligible:
All loans require that all borrower-selected contractors sign the Homeowner/Contractor Agreement and FHA Rehabilitation Agreement before closing.
Several ideas where to hire contractors:
All appraisals for FHA loans must be completed by a HUD-approved appraiser. The Loan-To-Value (LTV) is based on the lesser of:
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