Streamline 203(k) Loan

Retail Banking Mortgage Streamline 203(k) Loan

​​​​​​​​Ge​t up to an additional $35,000 into your mortgage for home rehabilitation.

Homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. With the FHA Streamline 203(k) program, homebuyers can make their new home move-in ready by remodeling the kitchen, painting the interior or purchasing new carpet.

The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property, with the work completed, taking into account the cost incurred.

The Streamline 203(k) loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed contractor if it falls out of the borrower's area of expertise.

Here is a list of approved repairs/improvements:

  • Roofs, gutters and downsprouts

  • Existing HVAC systems

  • Plumbing and electrical systems

  • Existing flooring

  • Minor remodeling that does not involve structural repairs, such as kitchens

  • Exterior and interior painting

  • Weatherization: including storm windows and doors, insulation, weather stripping, etc.

  • Purchase and installation of appliances: including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves

  • Accessibility improvements for persons with disabilities

  • Lead-based paint stabilization or abatement of lead-based paint hazards

  • Decks, patios and porches

  • Basement remodeling that does not incur in structural repairs

  • Basement waterproofing

  • Window and door replacement, and exterior siding replacement

  • Well or septic system repair or replacement


  • The applicant must have verifiable income stability.

  • ​​Purchase of primary residence.

  • Mortgage limit will depend on property location, based on municipality.

  • Only 1-4 unit properties are eligible.

  • Disbursed funds have to be verifiable.