Not every home is move-in ready – you love the house, but maybe there are leaky pipes, or the kitchen is too small. The FHA 203k Renovation Loan allows you to expand your home exploration and design the home you want. The FHA 203k Renovation Loan combines the cost of buying the home with the cost of making repairs. If you’re looking to renovate your home in Houston, The Woodlands, Humble, Atascocita, Baytown, Cypress, Katy, Sugar Land, Pearland, League City, Friendswood, or anywhere in Texas or Louisiana, contact LaVerne at HomeTown Lenders about FHA 203k Loans today!
What is the FHA 203k Loan?
The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. This program offers the unique features that make FHA Loans excellent financing solutions in today’s market, such as:
- Purchase orRefinance Loans
- Finance 1-4 Unit Properties (Owner-Occupied Only)
- Receive a FHA Down Payment of only 3.5%
- Receive Flexible Credit Qualifying
- Assumable Loan
There are two types of an FHA 203k loan. The first is a Normal FHA 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the Streamlined FHA 203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
Fixed Rate – 30 Year Term – Purchase or Refinance
- The property must be a structure that has been completed for at least one year
- Attached/Detached SFRs and PUDs
- FHA-approved Condos – streamlined interior unit upgrades only (condos are not eligible on the 203k Full)
Benefits of FHA 203k Loans
- Ability to explore more home choices for purchase
- Personalize your home improvements
- With FHA 203k Loans, there is only a single loan for financing the mortgage, repairs/upgrades, based on the As-Improved value of the home
- Immediately adds value (equity) to the home
- Make additions/improvements to your current home instead of moving
Uses for the FHA 203k Loan
The FHA 203k is a renovation mortgage, a mortgage and home improvement loan all in one. There are many ways the loan could be used, including some of the following examples:
- Remodel the kitchen or bath
- Renovate or add a room
- Paint the house or add siding
- Add a porch, deck, or patio
- Replace a leaky roof
- Put in new flooring, carpeting, or tiling
- Update electrical wiring, plumbing, or heating systems
- Conserve energy with new windows
- Plus much more!
How to Get a FHA 203k Loan in Houston
LaVerne St.Mary is located in Houston, and services local communities including but not limited to The Woodlands, Humble, Atascocita, Baytown, Cypress, Katy, Sugar Land, Pearland, League City, Friendswood, and the entire state of Texas and Louisiana. Contact LaVerne with HomeTown Lenders at 832.253.3966 to learn more about FHA 203k Loans or to get pre-qualified today! **
** Products, Programs and Guidelines subject to change with notice