What happens when a buyer wishes to purchase a home that is in need of repair or updating in Texas ? First, a mortgage is placed on the home and then the buyer either needs to pay for repairs and upgrades in cash or by taking out a home improvement loan. These types of loans are more difficult to get and come with a much higher interest rate.
Lets take that one step further and what if that home is in need of structural repairs such as foundation or roof? Then that home would require a buyer to pay cash for that home.
The 203(k)loan was designed to render aid and help get these homes sold. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the purchase and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. In some cases because of the types of upgrades and repairs being done to the home the buyer will have realized a nice equity position.
To find out more about this loan or to apply please contact:
Leesa Sandoval
972-407-7922
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
