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What is a 203K FHA Loan?

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FHA 203K Loans in Houston

In Houston and surrounding areas, when a home needs repairs, the FHA 203k loan offers a simple streamlined way for you to buy or refinance a home and renovate it. The 203k mortgage rolls together the home purchase or refinance with the funds needed to pay your contractor to fix, upgrade, modify, and make additions to your home accordingto your vision.

FHA 203K Loan Quick Facts

If repairs are over 30k, you must hire a HUD consultant to facilitate and inspect the construction progress.

Personal Residence Only.

$5,000 minimum rehabilitation cost.

All remodeling and repairs must be made by a licensed contractor.

What can you do with an FHA 203K Loan?

Here are some examples of types of improvements you can make with FHA 203k:

Paint a home’s interior and exterior.

Make rapairs to plumbing.

Replace the roof of a home.

Landscaping

Remodel your kitchen.

Replace your carpets.

Add a garage.

Make a home more energy efficient.

Fix safety hazards in the home.

A wide spectrum of improvements are eligible for financing. During your consultation, we can let you know whether your planned improvements qualify for FHA 203k financing.

Does an FHA 203K have any Limitations?

YES.

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Limitations of a FHA 203K

An FHA 203k is intended for practical uses. It is not for making luxury additions to a home (i.e. a swimming pool). For that, a HomeStyle Renovation loan is a suitable alternative. If however there is an existing swimming pool which needs to be repaired, an FHA 203k loan can be used for that purpose.

Do you qualify for a FHA 203K loan in Houston?

If you qualify for a regular FHA, then YES! We look forward to connecting you with a loan which will convert your Houston fixer upper into the Houston home of your dreams! Please call us now at 713-955-LOAN (5262).

The FHA 203k Loan Process

Purchase FHA 203K Home Loan Lowest Rate Guarantee*

If you use our realty affiliate, Texas Property Realty, on a purchase and closing transaction of a home, then your final home loan interest rate in combination with all expenses, will be lower on the same loan product than any other competitor, or we, Texas Property Lending Inc will pay $1000 towards your closing costs when you close your purchase with Texas Property Realty.

*This guarantee applies only to Government backed Programs including FHA 203(b), FHA 203(k), VA, and USDA; and, includes only those Home Loan Products that Texas Property Lending Inc offers. Any and all claimfor reimbursement must be made in writing no later than 30 days before closing,

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Our loan services at Texas Property Lending, Inc. are available to anyone purchasing a home. However, you can streamline your home purchase by combing the services of Texas Property Lending, Inc. with our affiliate Texas Property Realty as your real estate broker. Combining these services will help us (Texas Property Lending, Inc.) get you in your dream home quickly and could also decrease your overall costs. If you’d like to learn more about this bundling of services from Texas Property Lending, Inc, and how this could save you money, call now at 713-955-LOAN (5262).

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Our 10% Non-Profit Donation Guarantee

We endorse the spirit of giving espoused by Bill and Melinda Gates, Warren Buffet, and others, in helping to reduce global inequality and human suffering. Each time you close a transaction with either affiliated business, Texas Property Lending Inc or Texas Property Realty, we donate 10% of earned Commissions to Charity. With each of your particular transactions, ask us for details!

“All lives have equal value.”

-Bill and Melinda Gates