FHA 203k Limited (Streamline 203k)
FHA has offered the 203k loan for decades. They introduced the FHA 203k streamline a little later, but it is certainly not a new mortgage product. Recently, the 203k streamline was retitled the – Limited 203k – despite the fact that the guidelines saw little change.
Despite that, most lenders execute the loan in a substandard fashion. It is simply not a priority and that is evidenced by their general lack of education displayed by their loan officers.
Unfortunately, much of the information online reflects that lack of training. It’s either outdated or ill-informed. In fact, you’ll be hard-pressed to find another mortgage loan product with as much poor and inaccurate information surrounding it than the 203k.