When getting an FHA 203k streamline loan, there are things that are eligible under the program and things that are not considered “eligible”.
FHA 203k Eligible Improvements and Repairs
A brief list of eligible FHA 203k streamline improvements include:
- Varying types of structural alterations and reconstruction
- Improving the homes function through modernization
- Eliminating health and safety hazards
- Improving the appearance of the property
- Replacing plumbing pipes, plumbing system or installing a well and/or septic system
- Fixing or replacing roofing, gutters, and downspouts
- Fixing or replacing floors and/or floor treatments
- Improvements in landscaping
- Creating or fixing accessibility for a disabled person
- Making improvements to increase energy conservation
When considering a FHA 203k streamline loan, the 203k financing program is designed to be able to completely finance an entire reconstruction of a home – while the FHA 203k streamline is designed for more minor repairs.
FHA 203(k) loans can also finance the rehabilitation of the residential portion of a property that also has non-residential uses or may also finance the conversion of a property of any size to a one- to four- unit structure.
Have more questions about the FHA 203k streamline program? Be sure to contact one of our FHA 203k experts today.