FHA 203K Home Loan
The 203k FHA rehabilitation loan is designed to assist owners of real estate to rehabilitate an existing property, purchase and rehabilitation of a property, and finance the refinancing of outstanding indebtedness. The FHA 203k loans are useful for HUD homes, condos, and single to 4 duplex houses. A minimum assistance of $5,000 in rehabilitation is required to qualify.
FHA 203k loans are eligible to both residential and commercial properties. They are often necessary when bringing illegal dwellings into code compliance. The FHA lending practices propose up to 98.15% on the future sales value of the dwelling after completed repairs. This is subject to the FHA maximum loan limit for that area.
Check the maximum FHA 203k loan limit for your area.
Get more information on the FHA 203k loan and other Texas FHA loans available to you.
