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Thank you for visiting my website:
I am Scott T. Short, CMPS,CMP and MBA. I created this website to educate the public; to be able to decipher between the truth and the "fiction" in the mortgage industry today.
If you are frustrated with the current condition of all the homes you have looked at on today's Real Estate market. You should consider:
What is FHA
“Streamline(K)”?
The 203(k) program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgages for the purchase or refinance of single-family properties (one to 4 units) in need of major rehabilitation. But what if a smaller scale of repairs is required? The Streamline(K) loan program is a simplified 203(k) that was developed to specifically address these needs. With the Streamline(K) program you obtain one loan for the purchase (or refinance of an existing debt), and the amount necessary to complete the required repairs.
Advantages
• Repairs are completed after closing with loan proceeds.
• Great tool for REO Properties
• Low down payment (a minimum investment of only 3%)
• One loan amount for the purchase or refinance & the repairs
• Loan fees may be financed
• Mortgage is FHA-insured
• No inspection required
• No general contractor required
• Mortgage amount may also be increased when combining EEM (Energy Efficiency Mortgage) with Streamline(K)
Q: Is the Streamline(K) for purchase transactions only?
A: No. The Streamline(K) may be used for a purchase or refinance of an existing loan. It may also be used to purchase a HUD REO (Real Estate Owned) property.
Q: Who is responsible for the repairs?
A: The homebuyer/owner pays for the repairs from the loan proceeds.
Q: Do the repairs have to be completed before loan closing?
A: No. The repairs may begin after the loan is closed.
Q: Do I have to hire a general contractor?
A: No. A general contractor is not required since the repairs will be minor. You may either hire a contractor or perform the work yourself, as long as, you can demonstrate to the lender your ability to perform the needed repairs in a timely, workmanlike manner.
Q: Do I have to hire an FHA inspector?
A: No. To eliminate the need and cost for an inspection of the completed repairs, the lender may accept receipts from the contractor or proof of completion of the work to the homeowner’s satisfaction.
Q: What repairs are eligible under the FHA Streamline(K)?
A: The following repair items are eligible:
Repair/Replacement of roofs, gutters and downspouts
Repair/Replacement/upgrade of existing HVAC systems.
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of existing flooring.
Minor remodeling, such as kitchens.
Exterior and interior painting
Weatherization that includes storm windows and doors, insulation, weather stripping,etc.
Appliances not to exceed $2,000 in total cost may be included in the loan after the required minimum $3,000 of eligible repair items is satisfied.
Nonstructural improvements for accessibility for persons with disabilities.
Discretionary repair items that may not have been included in the appraisal, such as, repair of exterior decks, basement waterproofing, etc.
Q: What repairs are not allowable?
A: Repairs that are considered to be major rehabilitation or requiring structural modification.
Q: What if the property requires major repairs?
A: You may use the regular FHA 203(k) program in this instance.
Q: Who receives the payments for the repairs?
A: Up to 2 payments may be made to the contractor or the homeowner.
Q: Does a lender have to be approved to do FHA Streamline(K) loans?
A: No. Any FHA-approved lender may process a Streamline(K) mortgage loan.
Q: How much down payment do I need?
A: As with most FHA mortgage loan programs, the Streamline(K) has a minimum investment of 3% (percent).
Q: What about loan fees?
A: Most loan fees (i.e.: origination, loan discount points, title update costs, permit costs) may be financed into the loan.
Q: Where can I find more information about the FHA Streamline(K)?
A: On HUD website: www.hud.gov , www.espanol.hud.gov
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