Want to get a great deal on real estate in Texas and think that a short sale or foreclosure is the way to go? The first hurdle to overcome after identifying the property is where to get the funds to fix it up. The FHA 203k rehab loan is the answer.
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Are you trying to buy a property in Texas or across the nation that is in need of minor repairs and you have a seller unwilling to make those repairs? Would you like a program that allows you to not to have to come out of pocket with the funds for the repairs? Well if so I have a solution for you – our Escrow Holdback Program.
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The FHA 203k Rehab Loan allows you, the Real Estate Agent, to offer your clients a way to sell and market their home to potential buyers in a different fashion. It also allows you as the buyer’s agent a way to offer your client some options in the event their complaint is the color of the walls or the carpet.
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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.
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The FHA 203k Rehab loan in Texas is a wonderful program for buyers who don’t have the 20% down payment required for a conventional construction loan.
It’s also great for first time home buyers who couldn’t otherwise afford to purchase a home in need of repair.
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Home buyers in Texas and across the nation 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.
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There are many componets of an FHA 203k Rehab loan. Sometimes it’s good to get another perspective 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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Through the years, the FHA loan program has helped potential buyers achieve their goal of home ownership with reasonable mortgage rates, low down payment and relaxed credit requirements.
The FHA 203k Rehab loan follows all of these guidelines but not only allows for the purchase of a home it allows for the rehab and/or customization of the new home.
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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.
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