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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
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
Foundation or structural work needed
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
Apply for an Orchard Secured Credit
Apply for a Capitol One Secured credit Card