The program from FHA which is called FHA Streamline program is getting popular as a result of many foreclosed homes being purchased by people which require repairs. This program can be used both for the purchase of new home and refinancing of your existing home.

The FHA 203k Program is little different from the standard section 203k loan due to the fact that it only permits repairs which are at least $5,000 and does not exceed $35,000. This means that the entire mortgage loan permits only up to $35,000 for property acquisition to be applicable towards rehabilitation or repairs to the property.

Below is the list of some of the common repairs that can be done using the 203k Streamline program:
• Repairing downspouts and rain gutters
• Upgrade or repair of HVAC system
• Minor electrical and plumbing repairs
• Minor flooring repairs
• Small remodeling which excludes structural repair work
• Interior and exterior paint work
• New appliances like refrigerators, free-standing ranges, dishwashers, washers, dryers and microwaves are covered which does not exceed $2,000 in value
• Handicap ramps or to provide other facilities for disabled and handicapped persons

Apart from the 203k streamline program, the other program called 203k standard program allows work greater than $35,000 provided the work is of major nature. The repairs such as structural improvements to the property like addition of new rooms, major landscaping work, electrical rewiring, decks, patios, exterior doors, garage improvement or rehab work, terrace work and improvements for energy conservation.

Some of the features of the loan include:
• The borrower can finance six months of his/her payments into the 203k loan.
• Seller contributions of up to six percent for purchase loans are allowed.

As it can be seen that these are some of the best loans when a property requires rehabilitation/repairs, for new home buyers and as well as existing ones.