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HUD Streamlined 203(K) Limited Repair - Detail Verified 08/23/10 Last Updated 02/25/09

Program Overview

HUD Streamlined 203(K) Limited Repair - Detail Verified 08/23/10 Last Updated 02/25/09 is a program that permits homebuyers to finance up to $35,000 into their mortgage for home improvements for upgrades. Property repairs to be identified by a home inspector or FHA appraiser. This program is available statewide.

Who is eligible for this program?

Must have a valid SS#, lawful residency, be of legal age to sign a mortgage. Verifiable income assets, credit history and reasonable debt ratio. No minimum credit score requirement. No income limits for qualifying. Verifiable sufficient income required. Income limits may apply with some down payment assistance programs. To purchase a dwelling and rehabilitate it. To purchase a dwelling and move it onto a new foundation and rehab it. To refinance existing debts and rehabilitate a dwelling. Is this program for first time buyers only? No

Property Eligibility Requirements

Loan limits determined by State and by County - FHA guidelines apply. Allowable property types: SFR, Manufactured homes, 1-4units, condos

Benefit Details

All improvements must comply with HUD's Minimum Property Standards. Work must begin within 30 days of execution of the agreement. Work must not cease prior to completion for more than 30 consecutive days. Work to be completed within a time period not to exceed 6 months. Assistance amount is up to $35,000. Benefit: Given the need for homeowners to make minor repairs without exhausting personal savings. The revised maximum repair/rehabilitation amount recognises the cost of making older homes more energy efficient. Loan Term: 2 year ARM to 30 years Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: If cost estimates are completed within 2 weeks of signing a sales contract, the loan should close within 60-90 days, asuming there are no title problems and the borrower qualifies.There are no increases to cost available during the rehab phase.

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