FHA Streamline K Programs
I just came across an interesting program that can enable people to borrow up to $30,000 on top of their FHA home loan. The additional money can be used to repair or upgrade your future or new home in the following areas:
- Repair/Replacement roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of existing flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Exterior and interior painting
- Weatherization: including storm windows and doors, insulation, weather stripping, etc.
- Appliances – when at least $3,000 of basic home repairs are involved. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves and may not exceed $2,000 in total cost.
- Improvements for accessibility for persons with disabilities
www.hudclips.org
I think this is especially important as we consider the rising cost of energy prices. This type of loan can allow a home owner to upgrade to a more efficient heating or air conditioner or other appliances and possibly even add solar energy products.
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