by 
The Curious Bag
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An FHA 203k Streamline mortgage is a type of home loan that allows borrowers to purchase a home in need of repairs and complete the repairs prior to moving in. Additionally, the loan can be used for repairs on a current home.
Significance
Most home loans do not allow a borrower to finance repairs before purchase, while the FHA 203k Streamline does allow borrowers to do just that.
Function
The 203k Streamline allows a borrower to pull out additional funds, in excess of the current value of the home, to make additional or needed repairs to the residence.
Types
An FHA 203k Streamline mortgage can come in fixed or variable-rate options, with terms of 10 to 40 years.
Time Frame
From application to closing, it usually takes a borrower three to six weeks to complete an FHA 203k Streamline refinance.
Considerations
An FHA 203k Streamline mortgage requires proof of completed repairs at the end of a set time period, usually three to six months.
Source:
HUD.gov: Funds for Handyman-Specials
FederalReserve.gov: A Consumer's Guide to Mortgage Refinancing
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