National Capital Funding, Ltd.
Specializing in Construction Funds Administration for FHA Construction/Permanent Loans & Renovation Loans
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FHA Streamlined (k) Limited Repair Renovation Loans
NCF also provides construction administration services for the FHA Streamlined (k) Limited Repair Loan Program. Our service allows permanent lenders to offer this program to their clients without the expense of managing their own construction loan dept.
HUD Mortgagee Letter 2005-19 announced the Streamlined (k) Limited Repair Program to augment FHA’s existing Section 203(k) rehabilitation program for less extensive repairs and improvement. HUD Mortgagee Letter 2005-50 further refined and clarified the program.
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. It allows up to $35,000 in repair/rehabilitation costs including the contingency reserve requirement. One of the most intriguing aspects of the loan is that the max 96.5% LTV loan is based on the lower of actual cost or 110% of the after improved value.
ELIGBLE IMPROVEMENTS/REPAIRS
Repair/Replacement of roofs, gutters and downspoutsRepair/Replacement/upgrade of existing HVAC systemsRepair/Replacement/upgrade of plumbing & electrical systemsRepair/Replacement of flooring Minor remodeling, such as kitchens, which does not involve structural repairsPainting, both exterior and interiorWeatherization, including storm windows & doors, insulation, weather stripping, etc.Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovensAccessibility improvements for persons with disabilitiesLead-based paint stabilization or abatement of lead-based paint hazards Repair/replace/add exterior decks, patios, porchesBasement finishing & remodeling, which does not involve structural repairsBasement waterproofingWindow & door replacements and exterior wall re-sidingSeptic system and/or well repair or replacement
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