The 203(k) Information and Resource Center

Streamline K

The Streamline 203(k) program is a limited repair program. The Streamline (k) is intended to facilitate uncomplicated rehabilitation or improvements to a home for which plans, consultants, engineers, and architects are not required. Like the Standard 203(k), the Streamline (k) provides a wide array of improvements that can be performed under the program guidelines.

The Streamline (k) does however differ from the Standard (k) in a few significant ways. The first major difference is that there is no minimum repair cost threshold to meet. Additionally, the maximum repair amount may not exceed $35,000.

Properties that require the following work items are not eligible for financing under the Streamline (k):

  • Major rehabilitation or major remodeling, such as the relocation of a load bearing wall
  • New Construction (including room additions);
  • Repair of structural damage
  • Repairs requiring detailed drawings or architectural exhibits;
  • Landscaping or similar site amenity improvements;
  • Any repair or improvement requiring a work schedule longer than six (6) months; or
  • Rehabilitation activities that require more than two (2) payments per specialized contractor.

Another significant difference in the programs is that under the Streamline (k) guidelines the mortgagee, at its discretion, may provide the contractor with up to 50 percent advanced payment of the estimated cost of any work item prior to beginning construction.

Work must begin within 30 days of loan closing. The mortgagor may not be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted. Properties that require minimum repairs and improvements are perfect candidates for the FHA Streamline (k) program.

Click Here To See Complete Streamline (k) guidelines (PDF in folder)

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