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What Is An FHA 203k Streamline Loan?

FHA 203k Streamline Loans are part of the whole FHA 203(k) Rehabilitation Loan Package that is available to qualified  borrowers.  It is made available to certain lenders by HUD and may be used to purchase a “fixer-upper” opportunity or to fix up (rehabilitate or “rehab”) your current home.

The advantage of this type of loan is that you can both purchase and fix-up the property with one loan.

You can get any of three types of FHA 203(k) Streamline Loans:

  1. One-year Arms (Adjustable Rate Mortgages – <click here> to find out why you may give up an “Arm and a Leg” if you get an ARM!);
  2. 15-year Fixed Rate Mortgages; and,
  3. 30-year Fixed Rate Mortgages.

There are 5 different property types that you can buy with the money from an FHA 203K Streamline Loan:

  • A Single Family Dwelling
  • A Condominium
  • A Townhouse
  • A Mixed-Use Dwelling (like a store front)
  • A Multi-Unit Structure With 1 – 4 Units.  This type of loan may be used to change the number of units in the structure.  See your lender for more information.

Who’s Eligible For A FHA 203K Streamline Loan?

The list of those eligible for an FHA Streamline Loan is limited.  Those eligible are:

  • Those who will be occupying the home they are fixing up.
  • Non-Profit organizations.

Who’s NOT Eligible For An FHA 203K Streamline Loan?

Investors are not eligible for this program…  Sorry, folks…


The FHA 203k Streamline Loan is designed to make it easier for lower income individuals and families to get a home of their own or to fix up a home that they already own that they are willing to live in and fix up.