The FHA 203k loan in Texas allows buyers the ability to make a home their own without spending a lot of money out of pocket. There is a lot of flexibility with this loan when it comes to repairs or upgrades. This is limited to single family residential homes but the possibilities are endless.
How many times have you viewed a property and wished you could replace the carpet or update the kitchen? With the 203k loan you may and finance the costs and custom design your dream home.
This is also a great loan for seller’s wishing to market their home to potential buyers. This loan is a perfect solution for a buyer with limited disposable cash.
Here are a few details of the loan:
- Allows repair/renovation costs can be rolled into the loan
- Major items (such as foundation and roof work) ARE allowed
- Low down payment (3.5%) and the seller can pay up to 6% towards closing costs
- Close before rehab/repair work being – this allows the seller and the agent to be paid upfront
- Only one closing – money is disbursed on a draw schedule after closing
- Loan can go up to 110% of “after-improved value” from appraisal
- Buyer can include optional renovations
For more information or to apply please call Leesa Sandoval at 972-725-9110. www.203krehabnow.com
Please look for Part 2 of this series to cover the process of the loan.