FHA 203K STREAMLINED REHAB LOANS:
This loan allows the borrower to purchase a property that requires repairs (not to exceed $35,000). These repairs cannot be structural for the structural. Mainly cosmetic – paint, carpet, replace,remove appliances etc.
FULL 203K REHAB LOANS:
This loan is a mini construction loan that will allow the borrower in the price of the home to add renovations, additions, etc into his loan – must be supported by after repair value
Appraiser will, in his appraisal, indicate the "as is" as well as an after completion value on either of the 203k programs.