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Traditional vs Streamline 203k Loan: What’s the Difference?

streamline 203k loan
On this week’s episode of the Mortgage Monday, Jim Cardinal and Alexis Meeks explain the difference between a Traditional and Streamline 203k Loan.

Streamline 203k Loan

A Streamline 203k Loan has to have between $5,000 and $35,000 in renovations included. To get a Streamline 203k Loan, you simply need an estimate from a contractor. You then will go through a basic approval process and ultimately get these funds to rehab the home you’re either buying or refinancing.

The traditional 203k Loan is going to involve any projects that require structural work, as well as loan amounts more than $35,000. Additionally, with the traditional 203k Loan, you’ll need to have a HUD plan reviewer come out and look at your home before the loan will be approved.

Watch this video to get the whole story:

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Thankfully, we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process, and what actions to take moving forward.

You can reach them by phone at:

  • Jim Cardinal | (518) 281-0077
  • Alexis Meeks | (518) 828-7618

We can help with NY home insurance

If you are a first time home buyer or if you currently own a home, we would love the opportunity to help you find the proper coverage at the most competitive rate for your home insurance or rental property insurance. We are dedicated to helping you make the best decisions regarding your insurance, and providing our community resources like Mortgage Mondays is part of that dedication.

If you would like to receive a quote, give us a call at (518) 456-6688 or click here to begin the process by email.

Thank you,

Ryan Hanley, CIC

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