NMLS # 1101220     |     FAIR LENDER     |     FAIR HOUSING

©Copyright 2017 MLB Residential Lending, LLC. NMLS #1101220

MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS #1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License #MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services

Limited 203k Mortgage

The Limited 203k Mortgage was formerly known as the 203k Streamline Mortgage.  

This loan allows you to do minor work to your property, up to $35,000 for repairs/renovations, which has a built in 15% contingency for contractor overruns, making the "Real Minimum Job Costs maximum at $31,000.  If the contingency funds are not used, it is credited back to your loan.

Here is a list of Eligible Repairs / Renovation costs:

  • Roofs, gutters and downspouts

  • Upgrade to existing HVAC systems

  • Upgrade to plumbing and electrical systems

  • Repairs / replacement of existing flooring

  • Minor remodeling which does not involve structural repairs

  • Exterior and interior painting

  • Weatherization of windows and doors, insulation, and weather stripping

  • New appliance purchase and installation

  • Improvements for accessibility for disabled people

  • Lead-based paint stabilization or abatement hazards

  • Repair, replacement or the addition of exterior decks, patios, and porches

  • Basement remodeling which does not involve structural repairs

  • Basement waterproofing

  • Window and door replacement

  • Exterior siding replacement

  • Well or septic system repair or replacement

With this mortgage, you cannot do anything structural or change the home's footprint, but you can with the Standard 203k mortgage.