STREAMLINED FHA 203K --

The sales price, but the value of the home will be based on after your repairs are complete. Also it is important to remember that it is only a streamline of the total dollar amount of repairs is under $35k, after that is is considered a full 203k. Feel free to call me tomorrow, I am local (Owings Mills) and have a department dedicated to speciality mortgages such as 203k's and Reverse Mortgages. 443-471-4317

Yes - the 3.5% down payment is based on your sales price plus the 203k repair amt added. If you would like to prequalify with me please let me know.

Downpayment is based on the total of the house price plus the repairs/improvements as long as that total is not more than the appraised value of the home after the work is completed. FYI, there are also conventional renovation and repair loan options that work very well and are preferable to many buyers because of the significantly lower monthly cost of the PMI. However, those options require at least 5% down. (See my blog on this site summarizing those other options.)

Yes. The 3.5% is normally calculated off the sales prices, however, if there is a repair amount that would be taken into consideration as well. Thus the 3.5% would be sales price + repair amount.