What are the Various Types of FHA 203(k) Loans?

There are only two types of FHA Loans:
1. The Streamline 203k Loan is designed for projects with renovation costs that are less than $35,000. These projects are not nearly as extensive and don’t require a consultant or architect.
2. The Standard 203k Loan is for projects that have renovation costs exceeding $35,000. They are more complicated projects that involve structural changes, exterior landscaping, or major renovations. The Standard 203k is also used if your project requires architectural exhibits.