FHA 203k Renovation Loan Series (Part 2) – Texas

FHA 203k Renovation Loan Series (Part 2) – Texas

By Leesa Sandoval June 18, 2009

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.  This is the key simply because it can be a tedious and you want to be sure the individual originating your loan has the ability to see it through to completion. 

Once you are pre-approved based on income, assets, debt and credit the process is basically as follows:

• Select a property and meet with the 203k consultant for the inspection
• Obtain contractor bid(s) and compare figures with consultant
• Work write-up is prepared by consultant
• Appraisal is performed “as completed” upon executed contract
• All paperwork is completed and submitted to underwriting
• Underwriting approves the loan
• Approved loan is sent to the title company
• Loan closes, rehab account is created
• Funds are disbursed as work is completed and inspected
• Rehab is complete

Now with the process complete, you can enjoy your new home.

For more information or to apply please call Leesa Sandoval at 972-725-9110  www.leesasandoval.com

Look for part 3 to cover examples of repairs and renovation