FHA 203K Loan Question
FHA 203k Loan Question:
A bit of background: Last year I bought a 4 unit and used a Full 203K loan to do around $115k of work on the home. Needless to say, through FHA this was a pain with all of the guidelines, inspections draws, and of course there was a huge learning curve since this was my first deal.
Move to today and I am currently in contract on a 2 unit with an unfinished basement and am using an FHA loan to close on it. I am planning on finishing the basement - it really only needs tile, some cabinets, and some walls built around the water heaters for a utilities room. There is some other work that needs to be done and it all totals to around $20k. I was going to pay all of this out of pocket but I did some research and saw that with 203k streamline if you take a renovation loan under $15k you don't need a 203k consultant and/or FHA inspections. Does anyone have any experience with the 203k streamline with a reno loan under $15k? How easy was it to pull the money and get your work done?