Mortgage Master now has Streamlined FHA 203(k) Loans!

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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.

Comments

  1. 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.

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