Obtaining a 203k Renovation loan in Texas is a very simple process. The process begins by finding a qualified mortgage consultant who offers the program. This is the key simply because it can be a tedious and you want to be sure the individual originating your loan has the ability to see it through to completion.
Once you are pre-approved based on income, assets, debt and credit the process is basically as follows:
- Select a property and meet with the 203k consultant for the inspection
- Obtain contractor bid(s) and compare figures with consultant
- Work write-up is prepared by consultant
- Appraisal is performed “as completed” upon executed contract
- All paperwork is completed and submitted to underwriting
- Underwriting approves the loan
- Approved loan is sent to the title company
- Loan closes, rehab account is created
- Funds are disbursed as work is completed and inspected
- Rehab is complete
Now with the process complete, you can enjoy your new home.
For more information or to apply please call Leesa Sandoval at 972-725-9110 www.leesasandoval.com
Look for part 3 to cover examples of repairs and renovation