FHA 203K Streamline Loan Program – Houston Mortgage

Renovation Loan HoustonIs your ideal home in need of repairs or renovations? Do you love the community, but are less than satisfied with the home? Houston Mortgage has a solution with the FHA 203K Streamline Loan Program.

Houston FHA 203K Streamline

Under FHA’s Streamlined 203(k) program, homebuyers are allowed to finance up to $35,000 in addition to their mortgage in order to improve or renovate their home before the scheduled move-in date. This program makes it quick and easy for qualified borrowers to receive the necessary funding to pay for their cosmetic home repairs and upgrades. Unlike the Regular 203K loan program, the FHA 203K Streamline does not cover structural repairs.


Eligible Properties include:

  • Single Family Homes (up to 2 units)
  • Multi Family Homes (up to 2 units)
    * Manufactured homes are NOT eligible for the FHA 203K Streamline Program.


Repair Limit

  • Qualified borrowers can finance up to $35,000 
    *A final inspection by the appraiser is required by Houston Mortgage before they release the final draw amount.



The money is paid in two increments. First, the lesser of the cost of materials or 30% of the total improvement cost will be disbursed to the contractor soon after closing. Once the all repairs and upgrades are completed, the rest of the money will be released.

*Please note the requirement that up until 30 days following the last draw, at least 10% of the repair estimate is to be held as contingency for cost over-runs. Also, the information above is not a guarantee of what every borrower will qualify for with any financial institution. Please contact a Houston Mortgage loan professional for more information regarding your loan program eligibility.


Eligible Repairs and/or Improvements include:

  • HVAC

  • Windows

  • Flooring

  • Interior/Exterior Painting

  • Major Appliances

  • Doors

  • Cabinetry

  • Plumbing

  • Countertops

Ineligible Repairs and/or Improvements include:

  • Anything structural in relation to pools, sunrooms, home theaters, landscaping, window treatments, etc.

  • Projects that take longer than 60 days to complete

  • Anything that requires the property to remain vacant during construction.


Structure of the 203K Streamline Loan

An estimate of the total expenses from the contractor must be submitted to Houston Mortgage prior to the appraisal. Next, the appraiser will obtain the list and pass on an “as is” and “after improved” appraisal. The final loan amount could be up to 110% of the property’s “after improved” value. The principle loan amount will receive anything left over. Seller concessions are equivalent to 6%.

For more information regarding the FHA 203K Streamline Loan Program, contact a Houston Mortgage loan expert at (800) 308-8503.


Have a Question? Get Answers!
Ask a question. Our expert mortgage team will post an answer ASAP.

Houston Mortgage Blog | First-Time Homebuyer Houston Mortgage | Privacy & Legal
City of Houston - Housing Resource Center | Texas Department of Housing & Community Affairs

Houston Mortgage Lenders - Texas Financial Services is an Equal Housing Lender

This website marketing is not intended to offer loan services for properties in New York.

Copyright © 2017 PrimeLending, A PlainsCapital Company. PRIMELENDING NMLS ID: 13649. All rights reserved. 810 Hester's Crossing, Suite 150 | Round Rock, Texas 78681. The material provided in this mortgage website is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the website cannot be reproduced for any use without prior written consent. The material does not represent the opinions of PrimeLending, A PlainsCapital Company.

All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company. Equal Housing Lender.

In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act. * These summaries are based on a $125,000 loan amount, on a loan term of 360 months, with an interest rate of 4.00% and an annual percentage rate of 4.13%