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4 Reason Why Renovation Mortgage Loans Work!
By Leesa Sandoval
Renovation Mortgage Loans such as the FHA 203k and the Fannie Mae HomeStyle are so exciting that we just can’t keep some of the recent projects to ourselves. It’s been a busy April and we just had to share some success stories. The possibilities are endless and with some vision as well as one of these great loans a lot is possible!
Read MoreRenovation Mortgage Loans Are Rocking Early in 2014
By Leesa Sandoval
Renovation mortgage loans are really taking off early in 2014. People are seriously realizing how valuable renovation loans are when it comes to purchasing and renovating a property. Renovation loans such as the Fannie Mae HomeStyle and the FHA 203k allow for so much…check out some recent projects that are kicking off and stay tuned for “after pictures.”
Read MoreWhat’s Great About the FHA 203k Renovation loan?
By Leesa Sandoval
What’s great about the FHA 203k Renovation loan? Well I could talk for hours about it but why not hear from a recent client of ours that closed on an FHA 203k Renovation loan as a refinance. Let me set the scene for you…We got their call one afternoon after their current contractor walked off
Read MoreChoosing Your FHA 203k Lender Is A Crucial First Step!
By Leesa Sandoval
There are a lot of moving parts with a FHA 203k loan. So…how do you know what lender is the best to work with? In looking at the HUD endorsement report I have to admit I was surprised at how many lenders are approved to do the FHA 203k loans and what was more surprising was how few were actually done by the companies listed.
Read More4 Loans That Closed With The Help of A Renovation Loan in Texas
By Leesa Sandoval
Sometimes it takes a village to close a loan but other times it just takes a qualified loan officer and a great Renovation Loan such as the FHA 203k or the Fannie Mae HomeStyle loan. Here are some recent examples of how the FHA 203k or the Fannie Mae HomeStyle Renovation loan saved the day!
Read MoreQualifying for a 203k Loan in Texas
By Leesa Sandoval
When looking for a 203k in Texas the first thing to do as with any loan is to get pre approved. So you are probably asking yourself what is the process for qualifying for a 203k loan in Texas? Well let me break it down for you. It really isn’t much more difficult than qualifying for a traditional FHA loan. It is important for you to know that each lender can have specific requirements and typically they do vary from lender to lender.
Read More203k Contractors in Texas
By Leesa Sandoval
In Texas there are no licensing requirements for a general contractor. Most of the 203k rehab projects have general contractors that run the project and most often will have sub-contractors that work for them. The sub-contractors that do perform work that require a license are: plumbers, electricians and AC contractors. The license is required to pull a permit but we must also be able to verify the license before final approval can be issued.
Read MoreThe Fannie Mae HomeStyle Renovation Loan in Texas
By Leesa Sandoval
The Fannie Mae HomeStyle Renovation loan in Texas is a great loan option when you find a home that you love but it needs a little updating. This updating could be just cosmetic such as adding hardwood floors or more structural such as foundation repair.
Read MoreTrue or False: The FHA 203k Renovation Loan in Texas is Just for HUD Foreclosures
By Leesa Sandoval
The FHA 203k Renovation loan along with its conventional counterpart, the Fannie Mae HomeStyle Renovation loan, can be used for any type of property. Furthermore either can be used for a purchase or a refinance. I think far too often these loans are associated with HUD or bank foreclosures since those homes tend to be the most distressed but that’s not always the case. This is especially true in today’s market due to the speed at which the inventory is going under contract.
Read MoreRenovation Mortgage Loans in Texas
By Leesa Sandoval
Renovation Mortgage Loans in Texas are great tools for buyers and sellers alike. They open the door for a buyer to purchase and then renovate a home to their liking. They also allow a seller to sell the home “as is” which then prevents the seller from doing a lot of unnecessary repairs/upgrades prior to selling. I use the term broadly here because the loan is as specific as the work to be done to the home.
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