Buy and renovate the house of your dreams with the FHA 30 Year Fixed 203K Purchase & Renovation Loan
If you’re looking at FHA 203k renovation loans in Texas, let Supreme Lending Dallas simplify the process for you. From the qualifications for an FHA 203k loan to down payments and expected financing terms, our team will ensure that your FHA renovation loan process is straightforward, consumer-friendly, and uniquely constructed around your individual goals and needs. To start your exciting renovation loan journey today, fill out the contact form below, or feel free to contact our office.
Unless you are a licensed contractor, you won’t be permitted to do the renovation work yourself with an FHA 203k loan. Nor will you be able to enlist the help of a friend who’s moonlighting, even if they are a contractor at their day job. You’ll need to hire licensed and bonded professional contractors to complete the remodeling work on your new home.
Before you move into your new home, you’ve already saved money by financing the renovation through an FHA 203k loan. Doubtless, you spent far less than the market value when you bought the house, and the repairs you make will immediately add to the value of your home. As a result, you likely will enjoy lower monthly payments than other homeowners in the neighborhood and a higher resale value down the road.
To apply for an FHA 203k loan, the home you are buying must be your primary residence. If you’re “flipping” the house to resell, you won’t be able to buy it with a 203k FHA loan. Another disadvantage is the paperwork, which can be a bit overwhelming. At Supreme Lending, our loan officers have years of experience with rehab loans, so don’t let the thought of paperwork hold you back. We’ll work with you to complete the paperwork and get you into your newly renovated home as quickly as possible!
Yes, homes can be refinanced using FHA 203k loans. The one caveat is that the improvements must be at least $5,000. The maximum loan amount for refinancing your home is based on your existing debts, the cost of improvements and closing costs. Your Supreme Lending loan officer will be happy to explain the details.