In Texas foundation repair is a needed by most homeowners. It’s not uncommon to find a previously owned home that has foundation issues. In fact it’s not uncommon to own a home that has foundation issues. This should never be a reason to walk away from any home. Especially if you need help financing the repairs since the FHA 203k renovation loan and the Fannie Mae HomeStyle loan WILL allow you to finance the costs of the repairs. This is true of a purchase and a refinance.
If you happen to notice cracks on the interior walls, large trees planted close to the house, windows and/or doors not closing properly or cracks in the garage floor then the home may have foundation issues but not to worry because the FHA 203k rehab loan is here to help! All of these issues can be remedied with the use of this loan. Furthermore, if there are other areas of the home you wish to upgrade, customize, etc you can do that as well.
Often times you will notice that HUD may list the home as “uninsurable” as a result of the foundation issues. Once again, this doesn’t mean you will need to pay cash because using the FHA 203k loan is as good as paying cash for that property.
Foundation issues are simple fixes so don’t let yourself say “I really might have considered that property but…” Let the FHA 203k loan fix whatever might have kept you from buying that home. It’s also a great loan for those of you who currently own a home and are experiencing foundation issues or any other need to update or expand.
These loans are easy to write and my team of experts will guide you through so contact us today!