According to hud.gov, the FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.  With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to "Streamlined (K)" Limited Repair Program.

(Source:  http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm)