The Streamline FHA 203k loan allows for up to 35k in basic Rehab/Remodel projects for a new home purchase or existing home refinance/remodel. This includes kitchen remodel, bathroom remodel, appliances etc. The Full FHA 203k allows for up to 365k in Rehab/Remodel and can do much more ellaborate work to the home such as adding a living room or attaching a garage. Both of the FHA 203k loan programs are allowed to go to the maximum of 365k for a total loan amount.
Qualifying for a FHA 203k loan is the same as for standard FHA products in terms of credit and income. The main difference is that borrowers are allowed to use 110% of the Future Appraised Value of their home!! Please click FHA 203k Rehab Loan to see our online brochure about the program.
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