March 21st, 2016 11:50 AM by Dennis ODonoghue
Forum Mortgage Bancorp Offers
Full & Streamline 203(k) Loans
What improvements are eligible under the New Streamlined (K) Program?
The Streamlined (k) program is intended to facilitate
uncomplicated rehabilitation and/or improvements to a home for which plans,
consultants, engineers and/or architects are not required. The
Streamlined (k) program includes the discretionary improvements and/or
repairs shown below:
What are the minimum
and maximum amounts for repair costs under this program?
Given the need for
homeowners to make minor repairs without exhausting personal savings, and in
consideration of the increasing cost of materials, the minimum repair cost of
$5,000 is eliminated and the ceiling is now raised to $35,000. This revised
maximum repair/rehabilitation amount recognizes the cost of making older
homes more energy efficient. Note that as described below, when the repairs
exceed $15,000, the mortgagee must perform or obtain an inspection to
determine that all listed repairs were completed.