The Streamlined 203k is a newer product which was intended to save the buyer or homeowner money by not requiring a ‘consultant’ for the bid specifications under certain circumstances. It allows a contractor to bid the project provided the work is relatively simple and is less than $35,000 in scope of work. However, a plan review is required if the work is in excess of $15,000.
What items remain ineligible for the Streamlined (k) program?
Properties that require the following work items are not eligible for financing under the Streamlined (k):