If you’ve been passing up buying a home in Texas because it requires cosmetic repairs and you are lacking the funds for repairs and/or upgrades FHA has a program for you. Not to be confused with FHA’s full 203K program, a Streamlined 203K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds.
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Now that you know what’s allowed with the 203k Renovation Loan in Texas it’s important that we discuss what’s not allowed. Any luxury item and/or improvement that does not become a permanent part of the property is not eligible.
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Obtaining a 203k Renovation loan in Texas is a very simple process. The process begins by finding a qualified mortgage consultant who offers the program.
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The FHA 203k loan in Texas allows give 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.
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The FHA mortgage program, more specifically, the FHA 203k rehab loan, is one of the most sought after solutions Dallas, TX first time homebuyers are turning to these days for low money down.
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An FHA 203k loan is an awesome program if you are planning to purchase a Texas foreclosure that needs a little rehab work. Even though there are some great deals on Texas foreclosures, most of my clients are hesitant to explore that option due to the amount of repairs and initial investment involved with purchasing
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Most of the great Dallas foreclosure deals require additional funds for repairs. One possible mortgage program available to new homebuyers looking to take advantage of one of these Dallas foreclosures is the FHA 203k Rehab loan.
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