Fha 203k Streamline Is It Too Good To Be True?
Wouldnt it be great to get a $35,000 Home Depot gift card in the mail
? Wouldn't it be incredible if it was the government that was the one who sent it? According to a new program sponsored by the FHA, one can receive benefits that would be akin to receiving such a gift card. With the FHA's new Streamlined (k) Limited Repair Program, designed as a supplement to the existing Section 203(k) rehabilitation program, greater repairs and renovation is now possible, all at the governments dime.
So whats the catch?
Its complicated!
It must be a time-consuming, complex process, you say. Not exactly. First of all, the FHA 203k Streamline was designed to reduce complications, not add to it. For instance, it was designed especially for simple renovation projects, one in which plans, consultants, engineers and/or architects are not required. However, the benefits are plentiful and generous, as the limit is now up to $35,000.00.
I cant qualify! Oh, its probably only for the wealthy, the group always benefiting from loopholes in the tax code or the latest Congressional acts.
Qualification is simple but applies to all demographic and socio-economic groups. Like the regular Section 203(k) program, the Streamlined (k) can be used for HUD single-family housing REO properties that have been designated by FHAs Management and Marketing contractor (M&M) as insurable with repair escrow ($5,000 or less in required repairs) or uninsurable (with more than 5,000 but no more than $35,000 in required repairs) are eligible for the Streamlined (k) program. Actually, the real qualification comes in the type of repairs that will be submitted as eligible work items:
Repair/Replacement of roofs, gutters and downspouts
Repair/Replacement/upgrade of existing HVAC systems
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of flooring
Minor remodeling, such as kitchens, which does not involve structural repairs
Painting, both exterior and interior
Weatherization, including storm windows and doors, insulation, weather stripping, etc
Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
Accessibility improvements for persons with disabilities
Lead-based paint stabilization or abatement of lead-based paint hazards
Repair/replace/add exterior decks, patios, porches
Basement finishing and remodeling, which does not involve structural repairs
Basement waterproofing
Window and door replacements and exterior wall re-siding
Septic system and/or well repair or replacement
Its probably like HAMP or a lot of the mortgage modification programs. Itll be impossible to find a customer service-oriented bank that will patiently walk me through the process, and give me professional advice that will benefit me, not them.
Well, if thats an experience youre trying to avoid or never want to relive again, youve definitely come to the right place at our company. We at Bond Street Loans are a customer service-oriented lending company who prides itself in our professional approach and courteous service, as our results are driven by relationships, not by numbers. So for more information on the Streamline 203k, please contact us at 201 282 5016 so you can see for yourself that there is no catch, but the opportunity missed by not picking up the phone.
James M. Di Piazza
www.fha203knewjersey.org
by: James Di Piazza
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