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FHA 203k: Standard vs. Streamline


Many people wonder, “What is the difference between the Full 203k and the 203k Streamline?” I believe it is a great question and I always encourage prospective borrowers to ask as many questions as they need and learn as much as possible. 

There are 3 main differences between the Full 203k (Standard) and the 203k Streamline.

  1. Types of Allowable Repairs

    If you are looking to add rooms, a second story, or pour a new foundation then the Full 203k is probably for you. On the other hand, if you are looking just to upgrade the cosmetic look of the house like upgraded appliances, siding, or wish to make the home more energy efficient then the 203k Streamline may be the appropriate loan for you.

  2. HUD Consultant

    The HUD consultant (or 203k consultant) plays an integral part of the process as they inspect the property and draft the Feasibility Report and Specification of Repairs. The Full 203k requires a HUD consultant on the loan while the 203k Streamline does not. It is HIGHLY recommended to utilize the HUD consultant when executing a 203k Streamline!

  3. Cost

    The maximum renovation limit for the 203k Streamline is $35,000. If you wish to have renovations and repairs that total more than $35,000 then you need to use the Full 203k loan. Additionally, the Full 203k loan has a $5,000 minimum. (The money parameters are not the determining factor for which 203k loan would be right for you!)



Make sure to check out: Why Sellers Should Push the FHA 203k


Jeff Onofrio Headshot

JEFF ONOFRIO is the Director of Renovation Lending at AnnieMac Home Mortgage

Office: +1 (888) 680-7366 (RENO) Ext. 4385
Email: Jonofrio@Annie-Mac.com

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