Posts By Leesa Sandoval
Location
Dallas, Texas
Phone: 972-725-9110
Posts
If you are listing a home in Texas that isn’t quite move-in ready there is no reason to lose hope. In fact, you might be at a unique advantage simple because now you have the ability to offer a potential buyer a chance to customize/upgrade the house to their liking and finance all of the construction. How you ask? The answer is the FHA 203k renovation loan!
It’s hard to find a home in Texas not in need of foundation repair. Maybe you are shopping for a new home and it’s the perfect home but the foundation is questionable. Or maybe you currently own a home with foundation issues. Don’t let this problem come between you and your perfect home. The solution [...]
When a buyer hires the right agent that knows the area well, they can make well-informed decisions that may leave them sitting in a nice equity position. In this instance, the buyer had an equity position of about $95,000. This equity provides a hedge against a downward housing market. Not all 203k projects end with [...]
Many people ask, what is a 203k loan? The 203k loan program allows the borrower to borrow extra money to renovate or repair their future residence and have a lower down payment (3.5%). Also, the loan amount can go up to 110% of the home’s value after repairs/renovations. These are photos of rehab and renovation [...]
It is important to assess all options when looking for a rehab loan. You have multiple options. This can be for purchasing a new home, or doing a refinance of your current residence. Your two options are very different. The key is to find the loan that meets your needs. It’s my goal to make [...]
I’ve been asked a lot lately how the FHA 203k rehab loan can help buy and sell homes in Texas. As an alternative to simply taking about it I thought it might be advantageous to put together a video of a recent project. In this visual world sometimes it’s easier to actually see how this loan can take a home from inhabitable to move-in ready.
Did you know that the key to getting the money for those household repairs and upgrades in Texas could be as easy as a refinance?? There are options for those of you with FHA and Conventional loans. FHA 203k is perfect and fairly easy to obtain. Of course you can always refinance out of or into a conventional loan such as the Fannie Mae HomeStyle loan for larger items such as pool repair or a major landscaping project.
In Texas the VA will not allow a buyer to receive cash at closing for home repairs. If the appraisal calls for repairs to be made either the seller or the buyer will need to pay for them. That being said there are two exceptions to this rule. The first is if you are using an Energy Efficient VA Mortgage for home improvements and the second is if you utilize an Escrow Holdback for minor or singular repairs.
Can I obtain another VA mortgage in Texas? The easy answer to this question is…YES! For most, the benefits of the VA loan outweigh a conventional loan so if you are not currently holding a VA loan then there is no reason you cannot obtain a new one. In many ways, the procedure for your subsequent VA home loans is the same as the initial one.
Qualifying credit scores for Texas VA mortgage loans are set by the bank and not by the VA directly. In fact, according to the VA there are no credit requirements. Lately, it’s become necessary for banks to establish credit requirements for VA loans to mitigate risk.
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