{"id":13004,"date":"2011-03-11T13:48:32","date_gmt":"2011-03-11T13:48:32","guid":{"rendered":"http:\/\/www.myfhamortgageblog.com\/?p=13004"},"modified":"2011-03-11T13:48:32","modified_gmt":"2011-03-11T13:48:32","slug":"buying-a-home-in-texas-in-need-of-repairs-fha-203k-loan","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/buying-a-home-in-texas-in-need-of-repairs-fha-203k-loan\/","title":{"rendered":"Buying a Home in Need of Repairs – FHA 203k Loan"},"content":{"rendered":"

\"\"<\/p>\n

How\u00a0do I purchase a home in need of repairs using the FHA<\/a> 203k loan in\u00a0Texas, Louisiana, Arkansas, New Mexico or Oklahoma <\/strong>in need of repairs?\u00a0 More important what if those repairs include foundation??<\/strong><\/p>\n

Your first and obvious choice is to purchase the home “as is”<\/strong> and either\u00a0pay for the repairs out of your own pocket or take out a home improvement loan.\u00a0 Home improvement loans are more difficult to get and come with a much higher interest rate.\u00a0 Also in some states, such as Texas, there are loan to value restrictions.<\/p>\n

Lets take that one step further and what if that home is in need of structural repairs<\/strong> such as foundation or roof<\/a>?\u00a0 Then that home would require a buyer to pay cash for that home!!<\/p>\n

The better option is the FHA 203k Rehab loan<\/a>.\u00a0 It\u00a0<\/a>was designed to render aid and help get these homes sold. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the purchase and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.<\/p>\n

With all of the foreclosures <\/a>in Louisiana, New Mexico, Arkansas, Oklahoma, and Texas it’s more than possible to purchase your dream home under market value and customize it to your liking.\u00a0 In some cases because of the types of upgrades and repairs being done to the home the buyer will have realized a nice equity position.<\/p>\n

Need to sell a home with foundation issues?\u00a0 No need to worry, the FHA 203k loan allows for foundation repairs so simply list the home for sale “as is.”\u00a0 Let the buyer finance the costs of the foundation repairs and even allow them to customize the home to their liking.<\/p>\n

Call me today <\/a>and let’s discuss the options when it comes to homes that are in need of repairs.<\/p>\n","protected":false},"excerpt":{"rendered":"

The FHA 203k loan was designed to render aid and help get these homes sold. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the purchase and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-13004","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"acf":[],"yoast_head":"\nBuying a Home in Need of Repairs - FHA 203k Loan<\/title>\n<meta name=\"description\" content=\"The 203k loan was designed to aid and help get homes sold. 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