Mortgage Industry News & Advice

FHA 203k Renovation Loan Series (Part 1) – Texas

By on June 15, 2009 in Tips And Advice

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.

About the Author

About the Author: Leesa Sandoval is a Senior Mortgage Originator with HomeBridge Financial Services, Inc. She has over 10 years of experience in the industry and is consistently ranked as a top producer. Initially specializing in investment, builder and jumbo loans now has added a renovation niche to her product offerings. With the changes in the industry and most recently the perfect home going off the market quickly this niche is serving her well. The renovation products include FHA 203k full and streamline, Fannie Mae HomePath and HomeStyle renovation loans. Leesa was the #1 Renovation lender for 2011 and 2012, as well as listed as a Top 200 Mortgage Originator for 2012 by Mortgage Executive Magazine. Accolades aside, her top priority is ensuring that her clients find the perfect home loan to fit their needs. She prides herself on top notch customer service and will work hard for each and every client. So if it is a renovation loan or a traditional product (FHA, VA, Conventional, Jumbo, USDA) let Leesa and her team help you secure your dream home today! Contact Information: Direct: 972.725.9110 Cell: 214.202.0491 Email: lsandoval@sandovalteam.com Website: www.203krehabnow.com .

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