FHA 203K Rehab Mortgage

The Streamlined (203k) program is intended to facilitate and help with uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The total costs of repairs are not to exceed $35,000. This is kind of like a two month construction loan for current FHA customers (refis) and purchases of homes that need a little TLC. There is also a more complicated version of the 203K for repairs that cost over $35,000.

Below is an older video that was quite popular on Trulia, back in the day when I was working as a mortgage banker. It sort of brings out a good point that nowadays many lenders will not lend on a conventional loan on a collateral that needs a lot of repairs. In that case, the only program that will work, is the FHA 203K loan.

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