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 […]
Are you trying to buy a property in Texas or across the nation that is ...
Home buyers in Texas and across the nation are often asking what they can do ...
There are many componets of an FHA 203k Rehab loan. Sometimes it's good to get ...
When doing an FHA 203k Rehab Loan anywhere in the nation there are a couple ...
The 203k Renovation Loan is a great way to purchase a new home in need ...
FHA’s Back To Work Program – Own a home again with a shorter waiting period after an economic event! How would you like to be eligible for an FHA loan and not wait 3 years after a foreclosure, pre-foreclosure or deed in lieu? I’m sure it wouldn’t take long for you to answer, YES! FHA has made this possible through Mortgage Letter 13-26 with their Back to Work Program!!
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.
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!
The role of the 203k Consultant is vital to the success of a FHA full 203k loan. The consultant is responsible for the onsite visit and the HUD work write up and is responsible for staying on during the project to facilitate draws and inspections. I like to think of this person as your own mini project manager and it adds a nice layer of comfort to the project. It is very important that you and your consultant have excellent communication at all times.
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.
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.
I wanted to share with you three fun tools that I found to aid you with your home search in today’s hot Texas real estate market. Picking the perfect neighborhood and the perfect school district is very important. Especially if you are shopping with a family and intend on staying put for a bit. Also in a world full of mobile and smart phone devices why not put the internet to work for you.
203k Rehab Mortgage Professional
• Leesa Sandoval
I have been a Mortgage Loan Originator in Dallas, TX for over 10 years, and I specialize in FHA 203k Rehab Mortgage Financing .....(More)
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to stay informed about Rehab Loans:
- How the FHA 203k Rehab Loan Can Help A Home Sell November 23, 2011
- Need an Escrow Holdback for Home Repairs-Texas January 3, 2011
- It’s Time to Get on the FHA 203k Rehab Bank Wagon January 5, 2012
- Credit, Credit Repair and Your Mortgage Loan June 1, 2011
- Why Do I Need To Pay A VA Funding Fee? March 28, 2010
- What’s Great About the FHA 203k Renovation loan? February 28, 2014
- FHA’s Back To Work Program – Own A Home Again! January 23, 2014
- Choosing Your FHA 203k Lender Is A Crucial First Step! December 9, 2013
- 4 Loans That Closed With The Help of A Renovation Loan in Texas November 20, 2013
- What Role Does the 203k Consultant Play in the FHA Full 203k Loan? October 2, 2013