What Is the Difference Between a 203k & a Streamline Mortgage?
FHA's 203(k) mortgage program helps with home repair and rehabilitation.
FHA 203(k) Mortgages
FHA's 203(k) mortgage program allows a lower income borrower to purchase, repair and rehabilitate a home. FHA 203(k) mortgages take the projected value of a single-family property once repair work is completed in order to finance the purchase upfront. An FHA 203(k) mortgage can be either a fixed-rate, fixed-term loan or an adjustable-rate mortgage (ARM). Properties eligible for an FHA 203(k) mortgage include one-to-four-family dwellings at least one year old.
FHA Streamline Refinancing
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