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How the FHA 203k Renovation Loan Saved the Day For A Family In Texas

Here is a story of how the FHA 203k Renovation loan saved the day for a family in Texas.  While searching online these borrowers came across information about the FHA 203k Renovation loan.  They called me and explained their situation...they own a home and were in the middle of a renovation project when their contractor walked off of the job.  Luckily all of the bills were paid and there was no lien again the home.  Also he did complete the work he started so we were able to pick up where he left off. 
After structuring this as an FHA 203k Renovation Refinance and securing all of the necessary documents we were able to not only give them a slightly better interest rate than what they previously had but also finance all of the work they wanted to do.
As a side note, had the home not been habitable or without a certificate of occupancy we still could have moved forward using the Fannie Mae HomeStyle Renovation Loan. Just think of it as the Conventional version of the FHA 203k loan which allows for a bit more flexibility depending on the state of the project.
Their work included a full remodel ... more

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