Trying to decide how much work needs to be done for your remodeling project and how you will pay for it can be tough. One way to figure out what is best for you is by looking at the difference between Full vs Streamline FHA 203k.
The Full 203k loan is for major home renovations that cost more than $35,000, while the 203k Streamline is for non-structural work under $35,000. If your projects exceed $35,000 or would involve the structure of your house, you will need to take out a Full 203k loan.
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 is the Full 203k Loan.
You don’t have to wait months to close on a 203k Loan. Sword Mortgage is dedicated to informing borrowers and real estate agents that this FHA program can help revive neighborhoods struggling with foreclosures. You can take out a loan based on the future value of a home you find that’s cheap but needs some repairs. In fact, we call it the “But Loan” because the 203k covers everything after “I like this house but…”. To learn more about the FHA 203k loan call 770-826-0222 to speak to a mortgage professional or get started on your loan application process today.
| 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 |
For homes that need more than cosmetic repairs, such as a new kitchen, different windows, or an addition built onto the house, you’ll want to apply for a Full 203k loan rather than the 203k Streamline.
If, on the other hand, the house you want needs less involved upgrades like new cabinets, carpet, paint, and a furnace/air conditioning unit, a Streamline might be more appropriate. To see what would work best for your case specifically, speak with an experienced mortgage consultant at Sword Mortgage.
If you’re ready to talk to someone about a 203k loan, Sword Mortgage is ready to help
At Sword Mortgage, we believe that an informed customer is the best kind of customer. Therefore, our loan officers will take the time to fully explain your options and help you understand all aspects of your unique situation before making a decision. Call 770-826-0222 to speak to a mortgage professional or get started on your loan application process today.
