If you've already begun seeking out a mortgage and researching the different types of loan options available, you've probably received quotes from lenders regarding down...
There are two versions of 203k loans. A 203K Streamline is best for when repairs come to less than $31,500. The "full k" or standard 203k which can over up to $625,500 for the purchase price and repairs.
Standard 203K option is best for major structural repairs such as room additions, foundation repairs, fire damage, flood damage or major site improvements.
Streamline 203K option is best for non-structural repairs and can may allow you to qualify for a loan amount up to $35,000 (requires a reserve fund for 10%) These non-structural repairs would be repairs such as new paint, carpets, appliances, kitchen or bathroom remodels, plumbing, electrical work, and/or HVAC or septic systems.
Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.