Don’t miss an opportunity to bid on a home that needs light cosmetic updating. Why, you ask? The answer is simple, purchase using the FHA 203k streamline renovation loan. Unlike FHA’s full 203K program, an FHA Streamline 203K loan eliminates much of the paperwork to obtain rehab funds. Also the guidelines were recently updated to allow for roof work to be included; it’s no longer considered a major structural repair which is great news!
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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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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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