Has anyone had experience with the FHA 203k streamline. Do you know any lenders that do it with 203b rates?

Yes, NJ...

I have just completed my 1st 203(k) Streamline after a hundred or so regular or now industrial strength 203(k). Since '95 I have been an FHA 203(k) consultant CHUMS A106 where I have seen rates pushed as high as 8.75% in the past.

The lender here used an FHA bond program in conjuction with the streamline to get my Buyer a 6.38% rate for 30 yrs.

I believe in some streamline cases, a consultant should be involved. The instant case had a situation where the original contractor had temporary amnesia over his scope of work; however, because I was engaged separately by the Buyer and had helped him to complete his renovation paperwork, I was able to assist in establishing another contractor in queue and the work continued with neglible impact to critical path and to his bank with funds in escrow.

I am not so sure upfront payment of up to 50% of the construction escrow amount is reasonable though. The Borrower had to call his bank and tell them to send the check to him instead of the original contractor...and it was not even a jointly made out check!

It's a variation that some DE lenders are now doing, they would not get someone certified by HUD to do the regular (k) loans, but now do the Streamline and upstream the note to secondary lenders.

Aside from MIP what were the buyer's closing costs on that loan. Any points?

The streamline rules don't allow the check to be made out the the buyer unless they are doing the work and then they can only be paid materials.

What kind of repairs were done and what was the cost?

Going to this site will let you know the process:

http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm

Chase ddoes the 203K program, plus they are a
USDA Rural Housing Direct & USDA Guaranteed Loan Lender

In short it was a '61 stick built - 1K SF/1 sty ranch/crawl-5/3/1 at a $47K purchase plus $20K rehabilitation for an interior makeover with upgraded hardwood doors, trim, cabinets, new kitchen and bath, plumbing, flooring, finishes, revamped electrical from 60 AMP Federal Pacific box to 100 AMP and all weather service, new windows, insulation. When repaired the appraisal indicated $76K value. The homeowner was/is doing some of the work himself.

In this transaction, NJ the Borrower paid 1% origination fee + $350 suppemental origination fee; Line 800 ST $1380 including the above figures. The note was upstreamed to US Bank.