The Department of Housing and Urban Development has recently created a new FHA-insured mortgage loan program that will allow homebuyers to borrow more money for the purpose of making repairs to their new or refinanced homes. This new program, called Streamlined K Repair Program, allows borrowers to finance $35,000 more on their mortgage in order to make repairs or upgrades to their homes. Borrowers can quickly get the cash they need to pay for repairs or improvements identified by a FHA appraiser or home inspector. All FHA lenders can originate this new program, as opposed to the standard 203(k) program.
With this new program you can finance any of the following repairs or improvements:
• Replace or repair your roof
• Replace or repair your gutter
• Replace or repair your downspouts
• Replace or repair any flooring
• Replace or repair your well or septic system
• Replace, repair, or upgrade any plumbing systems
• Replace, repair, or upgrade any electrical systems
• Replace, repair, or upgrade existing heating, ventilation, or air conditioning
• Replace, repair, or upgrade storm windows and doors
• Replace, repair, or upgrade home insulation or weather stripping
• Replace, repair, or add an exterior deck
• Replace, repair, or add a patio
• Replace, repair, or add a porch
• Replace any windows
• Replace any doors
• Replace any exterior siding
• Remodel your basement (does not include sculptural repairs)
• Remodel your kitchen (does not include sculptural repairs)
• Waterproof your basement
• Paint the exterior of your home
• Paint the interior of your home
• Stabilize or abate of lead based paint hazards
• Build access for people with disabilities
• Buy and install new appliances for your home
4 Responses to “What is the Streamlined k Program and What Can I Use it For?”
[...] Borrowers can even use a FHA loan to purchase a new home, refinance their current home or make repairs to a new or old home. With programs like HUD’s 203 (k) and the Streamlined k program making the repairs or renovations your new or current home needs has never been simpler. [...]
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