The Facts About FHA 203k and HomeStyle Renovation Loan Options in Texas The facts out there about FHA 203k loans and Renovation Loans in general just need to be clarified. It’s easy to hear about what’s wrong or what’s hard about the loan, but instead let’s talk about why FHA 203k loans are great!
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There are so many great uses for the FHA 203k and the Fannie Mae HomeStyle loans, in Texas, that we had to illustrate a few. Looking back over last month it’s clear our clients had the vision. That’s what is takes with some of these homes. Just because the home is slightly distressed doesn’t mean it isn’t a great find!
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Have you heard the news? As of October 6, 2014 the HomePath and HomePath Renovation Programs will be history. That’s right; Fannie Mae recently announced that they are retiring this loan program. Any person purchasing a Fannie Mae owned property wishing to use either a HomePath or a HomePath Renovation loan must have a fully executed contract dated on or before October 6, 2014. Fannie Mae has yet to state the date the loan must close but it’s speculated that it would need to close by January/February of 2015.
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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!
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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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I’ve heard so much chatter lately regarding FHA 203k renovation loans that I thought it was time I dispelled some of those rumors floating around. Especially those pertaining to whether or not these loans actually do close!
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We all want options so what’s better than having options when it comes to financing the purchase of your new home or the refinance of your current home? Taking this a step further let’s consider not only financing but also renovating that home! Yes, there are options with respect to the FHA 203k Renovation loan and the Fannie Mae HomeStyle Renovation loan. Both of these have had a lot of press lately so it’s important to understand the options and to pick the loan that best fits your needs. That’s where I come in…Let’s compare the FHA 203k Renovation loan to the Fannie Mae HomeStyle Renovation loan.
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