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DFW Metro Housing

 Dallas Office  535 E Highway 121 Lewisville TX 75057 972-625-2612

    Houston Office  1825 Upland  Houston TX 77043  281-865-1443

     Colin Rosenthal Texas Real Estate Broker

 
 
   
     
 

 

 

 

             

 

" I am the REALTOR who will remain your best Friend for Life "

What is an FHA 203K Loan?

   Example: You have just found the ideal home and it is priced exactly where you wanted to be.

Problem: The home needs work and you don't have the money to complete the needed repairs

Solution: FHA 203K Loan

 The Home you have found needs new flooring, paint and appliances that will cost $10000

You apply for a $203K loan and include $10000 extra in the loan that goes into escrow when you close.  This $10000 is than used in conjunction with a Texas Licensed Contractor who is paid from the escrow account when the repairs are completed.

Example: The home you are looking at has a list price of $100000 and a county tax value of say $125000.  You have been able to secure a contract at say $95000 because of condition and already know it will be needing $10000 in repairs.  You execute the contract for $95000 apply for a 203K loan and close with a total loan for $105000

Types of FHA 203K Loans

1) Streamline All basic repairs like flooring, paint and Appliances

 2) Complete: Foundation or structural work needed

 

Real Estate Basic 101 What does it take to purchase your first home  

 

 For a Home-loan you need a 640 credit score. To rebuild you credit score you need Revolving credit

  Apply for Secured Credit card

                Apply for an Orchard Secured Credit Card

                Apply for a Capitol One Secured credit Card

 

 

 

 

 

 

 
     

          For additional information concerning this Program, please email Colin Rosenthal at

colin@dfwmetrohousing.com or call him at 214-704-4005.  http://www.dfwmetrohousing.com

For more information on a Home-loan please go to http://dfwmetrohousing.com/Mortgage%20Loan.htm

For more information on What is involved in purchasing your first home please go to http://dfwmetrohousing.com/RE%20101.ppt

To contact us on-line please go to http://dfwmetrohousing.com/contact%20december%202011.htm

Thank you for your interest in the Program.

 

       

 

 

 

 

     
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