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 a bank owned property.
Here are three great reasons to consider an FHA 203k loan while looking for new homes with your Dallas real estate agent:
1. You keep your cash and roll the cost of the repairs into the loan (*up to $35,000).
2. One loan with a great low fixed rate.
3. Low down payment.
BONUS - Can also be used to renovate an existing home.
*Disclosure – There are obviously qualifying guidelines associated with the Texas FHA 203k mortgage program, but we can personally go over your individual financial plan and scenario on the phone or at my office.
Most loan officers still think that a 203k loan is difficult to qualify for, however, things are much different now. Feel free to email or call if you have any specific questions about how easy this program really is.
TX – Dallas
Prime Lending
972-407-7922
