The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
The Streamline 203k was created in 2005 through Mortgagee Letter 05–19. Six months later, the Streamline 203k was modified through Mortgagee Letter 05–50, which replaced in its entirety Mortgagee Letter 05–19. The following eight pages detail Mortgagee Letter 05–50, which is the current version of the Streamline 203k.