FHA · Limited 203(k) Streamline

FHA 203(k) Limited (Streamline)

Finance minor, non-structural improvements with one FHA-insured mortgage — no HUD consultant, up to three contractors, and a streamlined draw process when your total rehab budget stays at or under $75,000.

$75k rehab cap
No consultant
9-month completion

Program at a Glance

Designed for buyers and homeowners who want to finance repairs without major structural work — ideal when cosmetic and light-system updates fit under the $75,000 total rehab budget.

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Maximum LTV

Purchase 96.5% of after-repair value
Rate/term refinance 97.75% of after-repair value

Loan Amount

Minimum $100,000
Maximum Per FHA county limits
High-balance FHA Allowed

Eligible Property Types

Repair Limits

Minimum repairs

No minimum repair amount

Maximum repairs

The total rehabilitation budget — repairs + fees + contingency + financed costs — cannot exceed $75,000.

Scope over the cap? See FHA 203(k) Standard →

What Can Be Financed?

The renovation escrow may include:

Contingency Reserve

  • •Monthly FHA MIP for the life of the loan (per current FHA rules)

    • Eligible Repairs vs. Not Allowed

    Eligible on Limited

    Not allowed on Limited

    Structural work, foundation repairs, room additions, or budgets over $75,000? FHA 203(k) Standard →

    consultant required on Limited — licensed contractor bids and lender inspections drive the file.

    Draw schedule

    Max 2 draws

    10% holdback on each draw. Up to 50% of labor and materials may be advanced before work begins if the contractor cannot wait for payment.

    Completion

    9 months after closing

    All renovation work must be completed within nine months of closing.

    Eligible Mortgage Products

    30-year fixed 3/1 ARM 5/1 ARM

    Good Fit For

    Not appropriate for structural changes, room additions, foundation work, or moving load-bearing walls — use Standard 203(k) for those scopes.

    Limited-only calculator

    FHA 203(k) Limited Loan Calculator

    Locked to Limited Streamline rules — $75,000 rehab cap, $100,000 minimum loan, LTV checks, contingency breakdown, and two draw inspections ($400 total).

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    Rehab budget breakdown

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    Contingency ()${contingency.toLocaleString()}
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    Draw inspections (2×)${DRAW_INSPECTIONS.toLocaleString()}
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    Estimated monthly payment

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    · {calc.rate}% · PITI + MIP + HOA

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    FHA MIP${monthlyMIP.toLocaleString()}
    Taxes & insurance${(monthlyTax + monthlyInsurance).toLocaleString()}
    Total loan (incl. upfront MIP)${totalLoan.toLocaleString()}
    LTV vs ARV{ltvOnARV.toFixed(1)}% / % max

    Limited rules reminder

    • • Primary residence only
    • • Non-structural work — no DIY in escrow
    • • No HUD 203(k) consultant required
    • • Max 2 draws · 9-month completion
    • • $75,000 total rehab cap · $100,000 min loan

    This calculator is for informational purposes only. Results are estimates and are not exact — they do not include all closing costs, prepaid interest, or escrow deposits. Contact us for a personalized quote.

    All loans are subject to credit and property approval. FHA 203(k) Limited guidelines, loan limits, MIP rules, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by HUD, FHA, or any government agency. Calculator results are estimates only and are not a commitment to lend. Information is for educational purposes only.

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    Mortgage Knowledge Center

    Common FHA 203(k) Questions

    Straight answers on eligibility, eligible homes, improvements, credit, down payment, buy-and-renovate, refinance, DIY rules, contractors, draws, consultants, timelines, closing costs, and how Limited compares to Standard and HomeStyle.

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    Ready for a Limited 203(k) Streamline?

    Ryan and Steve will review your contractor bids, confirm your scope stays non-structural and under the $75,000 cap, and walk you through purchase or rate/term refinance on one FHA note.

    Talk to Ryan & Steve
    (765) 450-8933 Get Started