Dallas FHA 203K

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Are you looking to purchase a home?  Have you found a lot of properties that you like, but wished you could change something about them?  Maybe you would like the kitchen to be updated, maybe you would like new hardwood floors, maybe you would like a new AC unit or maybe you would even like to add square fotage to the property.  Now you can do all of those things with the FHA 203K rehab loan.

Not many people know about this product, but it is the fastest growing mortgage prooduct out there right now.  Because so many homes on the market right now need repairs or updating, the FHA 203K loan in increasing in popularity.  You can purchase the house in the condition it is in right now and receive finance the repairs and updates you want done to the home into your loan!  It does not get any better than that.  You can make the home look exactly the way you want it and not have to settle for good enough.

If you are a realtor and have a number of short sale properties, or bank owned properties that you are trying to sell you know that most if not all of these properties need significant work.  If your buyer is looking to finance this property, they will not be able to accomplish this becasue the lender is going to require the home to pass inspection.  With the 203k loan you can sell this house "as is" and the buyer can do the repairs after the loan closes.  Marketing these properties with the 203k loan will help you sell more properties it is just that simple.

A brief overview of this is outlined below:

Dallas FHA 203K Purchase-  

The FHA 203k is designed to allow buyers to purchase a home and borrow additional money to make improvements to the property. The program only requires 3.5% down of the total acquisition cost.

Example:             Sales price                           $270,000

                          Improvements                       $33,000

                                ------------------------------------------

                           Total Acquisition                   $303,000

                           Down Payment (3.5%)           $10,605

AS-IS Feature-

This program is specifically designed for today's unique real estate market. Bank-owned, short-sale and foreclosure properties tend to be missing appliances, a/c systems and even cabinets and fixtures. The FHA 203k is the only loan program that allows the property to close AS-IS.  All improvements and repairs are made after closing. This creates a tremendous opportunity for buyers because it is like putting in a cash offer!

Dallas FHA 203K Refinance-

The FHA 203k is available for refinancing of your primary residence. The program allows you to finance 100% your improvements and closing costs into the loan.

Eligible Improvements-

•·         Maintenance items (Roof, Siding, Stucco, Driveways, Pavers, Landscaping, Irrigation)

•·         Energy efficiency (HVAC, Insulation, Windows, Doors, Appliances, Solar Hot Water)

•·         Improvements (Kitchen, Countertops Baths, Flooring, Electrical, Lighting, Drywall, Closet Systems)

•·         Additional Square Footage (Add a Bedroom, Bathroom, Family Room, Second Story, Garage)

•·         Handicap Accessibility- (Ramps, Railings, Lifts, Elevators, Switches, Doorways, Sidewalks)

Ineligible improvements-

•·         Add a pool (Although up to $1500 can be financed to repair and existing pool)

•·         Non-permanent structures (Barbeque Pits, Sheds, Unattached Jacuzzis)

With the elimination of equity lines, second mortgages and high balance credit cards, the FHA 203k has become the most effective way to finance home improvements!

Call me today to learn more about this product.  813-835-2507.

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