It’s important to know upfront how much you can afford and what type of loan you might need. Since I work with buyers of all ages and taste levels I felt it was important to partner with a lender who offered a wide range of loan choices. Leesa Sandoval will be able to help you with your Conventional loans as well as your Renovation loans such as the FHA 203k and FannieMae HomePath. Below are some brief descriptions of the Renovation loans she offers as well as a way for you to become pre-approved for your new home purchase! I look forward to working with you!
To find out more about these programs or to apply please contact:
Leesa Sandoval
Renovation Specialist/Sr Loan Officer
Direct 972.725.9110 / Cell 214.202.0491
APPLY ONLINE NOW
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Renovation Financing Options
FHA 203K Renovation – FHA Financing: Max Loan limit set by HUD for Texas is approximately 271,050.00 – this will vary from county to county
The program will allow for the purchase of the property and rehab cost to be rolled into the loan. The minimum requirement of $5,000 and a max of 50% of the after improved value. Major and structural repairs (i.e. foundation and roof) are allowed. Also can include cosmetic remodeling and updating of kitchens, bathrooms etc. The down payment required is 3.5% and is limited to primary residences.
FHA 203K Streamline Renovation – FHA Financing: Max Loan limit set by HUD for Texas is approximately 271,050.00 – this will vary from county to county
This program is a streamlined version and has a limit to repairs at a maximum of $35,000.00. The required down payment is 3.5%. These repairs should be of the cosmetic nature and include paint, carpet, counter tops etc.
FNMA HomeStyle Renovation – Conventional Financing: Max Loan $417,000
This program is designed to allow borrowers to roll in the cost of repairs, remodeling, or renovation to the property. Luxury items, such as pools or outdoor kitchens, may be repaired or added under the program along with structural and cosmetic repairs and upgrades. The down payment is 5% for a primary residence and 10% for a second home.
FNMA HomePath Renovation – Conventional Financing: Max loan amount is $417,000.00.
This program is designed for properties that are currently owned by FNMA as a result of foreclosure or other similar action. Repairs and renovations are allowed to be rolled in and can be structural and cosmetic. There is no mortgage insurance required with this loan. The down payment is 3% for a primary residence, 10% for a second home and 15% for an investment property.
Escrow Holdback – Conventional and FHA Financing
Designed for singular repairs on the home valued at or around $5,000.00. For example, if the home only needs foundation repair then the Escrow Holdback may be used. Doesn’t require a full rehab program and the work should be completed in approximately 10 calendar days.