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Finance Product Details

FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Lender: FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage
Product Description
The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points.
Miscellaneous Information
Both fixed and variable rates may be available.

One time fees may include a 1.75% mortgage insurance fee among others. Ongoing fees may include a .85% monthly FHA mortgage insurance fee. Check with the lender for details.
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Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Property Types
Sponsor:
Financing Type
Secured
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
15, 30 years
Minimum Amount:
$5,000
Maximum Amount:
$35,000
Fees:
One-time fees
Down Pmt. Required:
Yes
Re-pmt. Method:
Off-bill loan (Direct to Lender)
Pmt Frequency:
Monthly
Pre-pmt Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Demand Response projects
Funds other energy projects
Efficient appliances, other energy projects that do not have structural engineering requirements may be financed.
Funds other energy-related projects
Lead-based paint stabilization, repair/ replacement of plumbing and electrical systems, and other projects that do not have str
Funds other non-energy projects
Any other approved renovation project that does not require structural engineering may be financed.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
Yes

Other Variations of this product

FHA Section 203(k) "Streamlined (K)" Limited Repair Program by imortgage

Sponsor
Financing Type Secured loan
Term (years) year(s)
Rate (APR) Market Rate
Min. Amount $5,000
Max. Amount $35,000
One-time Fees No
Ongoing Fees No
Description The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the Streamlined K can be structured in many different ways that may include closing costs, fees or points.

Other Products By This Lender

Lender: Loan Depot LLC