 |
 |
 |
 |
 |
|
|
|
|
|
The FHA Streamline 203(k)Loan
One positive feature of new HUD Energy Efficient Mortgage is the introduction of the 203(k) Streamline loan program. This renovation program simplified the previous 203(k) loan which as been around since the eighties. While slightly more restrictive than the old program, the new Streamline EEM functions much like the traditional EEM, only it broader in the scope of allowable improvements.
Look at what the 203(k) Streamline can do for you.
With the 203(k)Streamline, an FHA borrower may add up to $35,000 to the loan for cosmetic home improvements. The services of a general contractor is suggested but not required and no structural work may be included. That means nothing requiring blue prints or architectural drawings.
The buyer must qualify for the total 203(k) loan amount and it can be used for anything cosmetic. Landscaping is in inluded in this loan except for the underground sprinkler system. No sod, no planting, but many oyher improvements can be covered with this loan!
The most common home improvements: roofs, painting, (interior and exterior, kitchen and bathroom renovations. Items include kitchen counter tops, cabinets, appliances, bathroom toilets, bathtubs, vanities, carpet and linoleum. Funds can be used to remove patio slabs, patio covers, even acoustic ceilings.
The EEM Energy Efficient Mortgage, can be combined with the 203(k) renovation loan for additional savings. Home improvements that have energy-saving characteristics can be included in the EEM instead of the 203(k), improvements like air conditioning, insulation, and dual-pane windows. Items liken kitchen appliances, counter top, carpeting and roofing can be included in the Streamline 203(k) loan.
The best way to find out if your home will qualify for the 203(k) Streamline is to CLICK HERE! to contact a qualified 203(k) loan consultant or CLICK HERE! to contact an EEM Project Manager.
Not all lenders offer the 203(k), so Call Toll Free 800 344-8102 to find a lender that does!
