Outstanding Foundation Fix with FHA 203K

By Leesa Sandoval | 203K Full

Dec 07

203K Making Foundation Easy

Homes with foundation issues in Texas are nothing new. Luckily, FHA 203K renovation loans make fixing your foundation easy! This happy couple bought their first home in Mesquite, TX and were able to repair the foundation right after settlement with this versatile loan. We are simply adding the cost of the repairs to your purchase contract amount and closing as one loan.

The FHA 203k renovation loan is far from limited to foundation work. With a budget of about $50,000, a wide range of needed and desired repairs went in to making this property a great starter home.

​Purchase Price

Base Bid

Contingency

Inspections

$87,000

$49,785

15%

4

After improved value of ​$165,000.00

40 Pilings with an FHA 203K Renovation Loan

Leveling this house with 40 pilings, 26 exterior and 14 interior, came with a lifetime transferable warranty from the contractor who did the job. Making things easier on you, HomeBridge ensures each contractor meets license and insurance requirements. Also, checking references on past projects during a validation process for each FHA 203K Renovation Loan.

Once the foundation is complete, the 203K loan allows a general contractor to step in and do repairs from a kitchen remodel to adding an addition to the home. This specific project consisted of gutter repairs, new windows, a new roof and bathroom tile upgrades. The best part of it all was the kitchen remodel! New cabinets, granite counter tops, all new appliances, and even knocking down a partition wall to create a beautiful open layout.. 

Kitchen before remodel

Foundation Cracks

Foundation Cracks

Foundation Cracks

Did you know this about the FHA 203K Loan?

​FHA 203K loans have always allowed you to add an attached addition to a home. It could be an additional bedroom, garage or even expanding the master bedroom. Recently, HUD changed guidelines to allow detached garages as well!

Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.

About the Author

• Leesa Sandoval
• 972.725.9110
I have been a Mortgage Loan Consultant in Dallas, TX for over 13 years, and I specialize in FHA 203k Rehab Mortgage Financing …..(Read Full Profile)

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