Posts By Leesa Sandoval
Location
Dallas, Texas
Phone: 972-725-9110
Posts
The popularity of the FHA 203k Streamline Rehab loan in Texas has risen as a result of the number of foreclosures on the market.
As a listing agent in Texas with our scorching summers we must have a working AC unit. So what happens when you have a great foreclosure listing but the AC condenser goes missing? The bank is unwilling to put any money into the property. What is your plan for getting this sold? An Escrow Holdback for that repair is the solution!
So you have found a great deal on a Fannie Mae foreclosure in Texas and now you need a great loan product? Fannie Mae offers a special program to utilize when purchasing one of their foreclosures. This program is called the Fannie Mae HomePath Renovation Loan. As a side note if you have found a Fannie Mae property that is move in ready there is a program for that as well and it would be the Fannie Mae HomePath.
Another renovation loan in Texas is the Fannie Mae HomeStyle. This product may be used used on any property, not just ones owned by Fannie Mae as the name might imply. It’s also a great tool for investors who have properties in need of rehab or realtors trying to market homes “as is.” With this product [...]
In some cases that rehab is mandatory and in others the rehab is simply recommended or desired. In all cases, using an FHA 203k Rehab loan will do the trick. It offers the buyer a way to finance the costs and the seller a way to market the home in the “as is” condition.
Recently you may have heard that banks have increased the minimum FICO to 640 for an FHA loan in Texas and some even as high as 660. Luckily we are not one of them. Our minimum credit score to qualify for home loan financing through FHA is still 620.
Below are a few key points to keep in mind now that the construction piece of your FHA 203k loan in Texas has begun. We realize a lot of information has been presented to you so now we will highlight some of the key things to remember.
The worst thing that can happen is to make it all the way to the closing table and have one of these items happen to you.
Remember that a lender can review any part of your financial, credit or residency history at any point of the applicaiton process.
Home buyers in Texas are often asking what they can do to ensure a smooth closing. With all of the changes in this industry and to our Underwriting guidelines I have put together a small list of items, which if followed, will aid to make your closing a success.
There are many componets of an FHA 203k Rehab loan in Texas. Sometimes it’s good to get another prospective on the important pieces of this loan. Also it’s important to rememeber that a successful 203k loan takes collaboration from all parties, including the contractor.
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