Streamline 203(k)

An FHA 203k loan is a purchase loan with a built in rehab amount. So let's say you were purchasing a home you were going to have to fix up for $100k plus another $15k to fix it up, you woul do an FHA 203k loan for $115k with the initial $100k being distributed at closing and then the other $15k would sit in an account with draws being made against it as work was completed.

NO.. if you have a home now that is conventional, and you want to rehab it.. you can do a 203K streamline loan and add back in the costs of rehabilitation.. you still have to have equity, and you have to use a contractor, but it's not limited to existing FHA loans.. your new loan will have mortgage insurance, and you will also pay an upfront MI premium as well, but it can be done.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

NO. The term streamline 203k is related to the 203k process. A streamline 203k has different features and restrictions than a regular 203k. You can do a streamline 203k refinance from any type of mortgage. Conventional to 203k streamline, VA to 203k streamline. You can also do a regular 203k refinance from any type of loan. In fact, if you don't even have to have a loan on the property to do a 203k loan. It just has to be currently or upon completion, your primary residence. Make sure you are working with a seasoned 203k lender and Loan Originator. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

You can refinance an existing FHA loan into a FHA streamline 203K loan. You can get up to 35,000 for repairs but it can not be for anything structural.

You do not need to have a pre-existing FHA Insured Home Loan to apply for an FHA Streamlined 203(k) Rehabilitation Loan. Make sure to speak with a local specialist who is truly qualified and experienced with 203(k) Streamlined Rehabilitation Loans.