May 2010 UPDATE: Mortgage Master Service Corporation will no longer do "streamlined" refinances–however we WILL do full 203k rehab mortgages.
Streamlined FHA 203(k) mortgages are intended for "lighter" repairs or improvements to a home. The rehab amount is limited to a maximum of $35,000 and the minimum repair cost is $5,000. Here is an example of eligible improvements:
- Repair or replacement of roofs, gutters and downspouts.
- Repair or replacement of existing heating, ventilation and/or air conditioning system.
- Repair or replacement of plumbing and electrical systems.
- Repair or replacement of flooring.
- Minor remodeling that does not involve structural repairs.
- Exterior and interior painting.
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances.
- Improvements for people with disabilities.
- Lead-based paint stabilization.
- Repair, replacement or addition of exterior decks, patios, porches.
- Basement finishing and remodeling that does not involve structural repairs.
- Basement waterproofing.
- Replacement of windows and doors and exterior wall re-siding.
The loan amounts are based on current FHA loan limits. In King, Pierce and Snohomish counties, the current FHA loan limit is $567,500. This program is available for purchase and refi's.
If you're interested in a FHA Streamlined 203(k) mortgage for your home located in Washington State, please contact me.
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About Rhonda Porter
Nice succinct list for a misunderstood loan product. Thanks. I’m sending this to a client with a home that would be a candidate for this program.