The 203K Streamline rogram is for homes needing limited repairs and requiring relatively little expertise to manage. The distinguishing feature of the Streamline 203(k) is that there is no consultant managing the project with multiple draws. Instead, this program is primarily designed for a "streamlined" project where the home can be occupied immediately after closing, and the contractor will receive one draw in the amount of 50% of the total contract and the final payment at completion. It has no minimum repair costs but has a cap of $35,000 (including rehabilitation fees).
Mortgage Application Checklist
Additional information required for self-employed or commissioned borrowers:
- A copy of your most recent pay stubs covering a 30-day period.
- A copy of your last two years of W-2 tax returns.
- Proof of any additional income needed to qualify.
- Copies of most recent two months asset account statements on all accounts including checking, savings, mutual funds, stocks, bonds, 401k, TSP and/or IRA accounts. Please provide all pages for each statement.
- Name, address and phone number of landlord(s) for past two years.
- Divorce decree, separation agreement, and property settlement agreement, if applicable.
- If investment properties owned, past two year’s complete Federal Tax Returns (include all schedules) and a current one-year lease for each investment property owned. Please be sure that page two of the tax returns is signed.
- Ratified sales contract, if available.
- If permanent resident alien, please provide copy of green card.
- Copy of Driver’s License.
Additional information required when refinancing an existing
- Past two year’s complete federal individual tax returns with all schedules, W-2s and 1099s.
- Please also provide corporate, S-Corp, or partnership returns, if applicable.
- Year-to-date Profit and Loss Statement and Balance Sheet dated to within the most recent 90-day period.
- Copy of current Business License.
- Copy of Recorded Deed of Trust, and HUD-1 Settlement Statement
- Copy of Property Survey and Title Insurance Policy
- Copy of existing Hazard Insurance Policy (Homeowners Insurance)
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