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.
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.
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.
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.
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.
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,
Try our affiliate:
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).
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!
-Bill and Melinda Gates
Texas Property Lending is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.