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FHA 203k: Full vs Streamline

construction worker fixing a roof

For some remodeling projects, a home buyer will need some serious help. For others, a lighter duty of assistance will suffice. Where do you draw the line? 

One way to figure out just how much work you need done and how you'll pay for it is to look at the difference between the Full vs Streamline FHA 203k.


In short, the Full 203k covers major renovations like structural work or for projects adding up to more than $35,000. The 203k Streamline is for non-structural work under $35,000. So if the projects you want to do add up to more than $35,000 or involve the structure of the home, you'll need to go with the Full 203k.


Watch the under-3 minute video below for a good explanation from a nationally-recognized renovation lending expert. 


See the embedded video here - FHA 203k Loan: Full 203k vs. 203k Streamline 



Video description: Whether it's appliances, carpet or mold removal, the limited repair program FHA 203k Streamline is your home improvement and repair loan. If you're looking for structural repairs like replacing a sill plate, pouring a new foundation or something more serious, the loan you want to consider the Full 203k Loan. 203k Educator Joe Daly breaks down the finer points of the 203k options in this Mortgage Minute.


The 203k Loan doesn't have to take months to close. AmeriFirst Home Mortgage is working to spread the word to borrowers and real estate agents that this FHA program can help rejuvenate neighborhoods hit hard by foreclosure. You can borrow against the future value of a home you find that's a great buy but needs work. In fact we call it the "But Loan" because the 203k covers everything after "I like this house but..." Let us know how we can help.


Full 203k 203k Streamline
Move a load-bearing wall to open up a floor plan Kitchen remodeling including new appliances
Termite damage repair like replacing the sill plate Exterior and interior paint
Basement waterproofing (structural) Basement waterproofing (non structural)
Major landscaping issues like correction of grading New flooring (carpet, tile, laminate)
Sidewalk or driveway repair (health & safety) Septic system and well repair or replacement
Finish an attic Window and door replacement


If you're looking at a house that needs kitchen upgrades, a basement refinishing, a bathroom addition and new windows, hope isn't lost. You just may need to take on a Full 203k loan rather than the 203k Streamline. 


On the flipside, if the house you want needs simpler upgrades like new cabinets, carpet, paint and a furnace/air conditioning unit, a Streamline might be the right fit. Talk to your mortgage consultant - preferably a certified renovation lending specialist - about your situation to see what's right for you.


Ultimate Guide to Renovation Loans


If you're stuck on finding a contractor for your project, visit Contractor Connection for one resource. 

Contractor Connection with AmeriFirst Home Mortgage

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