HUD Offers Streamline(K) Limited Repair Program;All FHA Lenders Eligible To Participate

The U.S. Department of Housing and Urban Development has developed a limited repair program, designated as the Streamline(K) Limited Repair Program, to augment its existing 203(k) program. The 203(k) program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgage financing for the purchase of single-family properties in need of rehabilitation. The Streamline(K) program is a modification of the 203(k) program to facilitate purchase transactions in which the property needs minor rehabilitation work, as identified in a pre-purchase home inspection- or the FHA appraisal. The Streamline(K) program is intended to assist homeowners with basic repairs costing between $5,000 and $15,000. Unlike the standard 203(k) program, any FHA approved mortgagee may originate a Streamline(K) mortgage. The mortgage amount will allow for acquisition of the property and up to $15,000 in the loan proceeds to be applied toward repair/rehabilitation of the property.

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