Top 10 Streamline 203k FAQ Pt 1

Have A Property That Needs A Face Lift?

We now underwrite Streamline 203k’s through our in-house bank. Local processing and local underwriting means that Streamline 203k loans with Pacific Residential Mortgage are now easier than ever.

Here are the Top 10 (#1-5) Frequently Asked Questions About Streamline 203k:

Stay tuned next week for Pt 2 (#6-10)

Q1: What is the difference between the Streamline 203k and the regular 203k?
A: The Streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a “refurbish and rehab” loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.

Q2: What are the down payment requirements on the Streamline 203k?
A: Standard FHA- 3.5% for purchases and 2.25% for refinances.

Q3: What types of properties qualify under this program?
A: Single Family Residences, condos, PUD’s and 2-4 units.

Q4: Is there any additional underwriting time required for this program?
A: Normal underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.

Q5: Can this loan be used with Down Payment Assistance Programs (DAP)?
A: Yes, but the DAP must be prior approved

Have more questions?
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