The Streamline 203K can be used to cover repairs under $35,000. It cannot cover any structural work or be used to build luxury items (Swimming Pool/Spa)
HUD’s information can be found here Streamlined 203(k). For housing rehabilitation activities that do not also require buying or refinancing the property, borrowers may also consider HUD’s Title I Home Improvement Loan program.
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. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50,enhancements to “Streamlined (K)”Limited Repair Program.Google+