{"id":21608,"date":"2014-12-04T21:14:10","date_gmt":"2014-12-04T21:14:10","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=21608"},"modified":"2014-12-04T21:14:10","modified_gmt":"2014-12-04T21:14:10","slug":"dynamic-duos-the-fha-203k-and-homestyle-renovation-loans-are-awesome","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/dynamic-duos-the-fha-203k-and-homestyle-renovation-loans-are-awesome\/","title":{"rendered":"Dynamic Duos: The FHA 203k and HomeStyle Renovation Loans Are Awesome"},"content":{"rendered":"

\"fha<\/p>\n

You might wonder why the FHA 203k <\/a>and the HomeStyle renovation <\/a>loans are awesome for Texas and other part of the country.\u00a0 These dynamic duos in the mortgage world allow homes that would otherwise would not pass inspection or meet minimum property standards to do just that!<\/strong><\/span>\u00a0 The fear of what repairs may get \u201ccalled out\u201d simply vanishes<\/strong>. Any repairs that are required are allowed as well as\u00a0any repairs or upgrades you would like to do to the home\u2026as long as the home appraises <\/a>to be worth the cost of the work you are rolling into the loan.\u00a0\u00a0 Best of all repairs are not done until after the loan closes!<\/strong><\/p>\n

Take just about any home, in any condition and make it your own using either an FHA 203k full, FHA 203k streamline or Fannie Mae HomeStyle <\/a>loan.\u00a0 No, it\u2019s not magic, but it is nice to think that with a little foresight and planning you can take a home that otherwise might not be the prettiest on the block and spruce it up!<\/p>\n

Do you know what we think the biggest<\/span> misconception is about renovation loans?<\/em> Well it seems to be that most people think these loans are only available for mandatory repairs<\/a>. And well that is just not the case!\u00a0 Really, as long as the house appraises to be worth what the buyer is putting into the home (renovation-wise)\u00a0then we are good!<\/strong>\u00a0\u00a0 The buyer does have to meet the minimum down payment requirements on each respective loan.<\/p>\n

Take this example:<\/span>\u00a0 A recent customer of ours purchased a home <\/a>in Dallas, TX for $198,200.\u00a0 It appraised for $385,000 and they financed about $170,000 in renovations!\u00a0 Now it\u2019s true that not every day can someone purchase and add $170k in renovations and have it appraise out to be worth it but in this case \u2026homerun!!<\/p>\n

This client was able to upgrade several rooms and add on as well.\u00a0 All with the HomeStyle Renovation loan <\/a>that allows for a maximum loan amount of $417,000.<\/p>\n

Some major things came together to make this happen…<\/strong>
\n1)\u00a0 Property was priced right to sell
\n2)\u00a0 In a good neighborhood where other remodeled homes had sold
\n3)\u00a0 The “after improved” value allowed for such an undertaking<\/p>\n

Now that’s what I call a success story!<\/span><\/p>\n

Did you know?<\/em> You can purchase a 4-plex using the FHA 203k Renovation Loan<\/a><\/strong> and live in one unity while renting out the others? You can also use any current lease agreements to offset debt to qualify.<\/p>\n

Did you find a duplex and it needs some minor repairs?<\/em> You are in luck\u2026The FHA 203k streamline loan now allows for 1 & 2 unit properties. When you are thinking \u201cstreamline\u201d think cosmetic in nature. A lot of times a new coat of paint, new carpet or even new appliances will make a world of difference.<\/p>\n

Now take that same home and add in some foundation issues<\/strong>, lead based paint or maybe even some mold\u2026Not to fear both the full version of the FHA 203k loan <\/a>and the Fannie Mae HomeStyle loans allow for this type of repair\/updating.<\/p>\n

What\u2019s important to state again is that these loans are NOT ONLY for mandatory repairs<\/strong><\/span>. We have seen great, move in ready homes, renovated by their owners just because the new owner just needed to add some of their own touches. There is nothing wrong with that! Taking a home and making it your own is a perfect reason for the FHA 203k or the Fannie Mae HomeStyle loan<\/strong>.<\/p>\n

Not renovation related but definitely some exciting news\u2026 Fannie Mae <\/a>will now allow someone who had a Foreclosure and gave up the home through a Chapter 7 Bankruptcy to qualify using the Bankruptcy discharge date instead of the Foreclosure date<\/strong>.<\/p>\n

Give us a call today <\/a>and let us help you with your next renovation purchase or renovation refinance!<\/p>\n","protected":false},"excerpt":{"rendered":"

You might wonder why the FHA 203k and the HomeStyle renovation loans are awesome for Texas and other part of the country. These dynamic duos in the mortgage world allow homes that would otherwise would not pass inspection or meet minimum property standards to do just that! The fear of what repairs may get \u201ccalled out\u201d simply vanishes. Any repairs that are required are allowed as well as any repairs or upgrades you would like to do to the home\u2026as long as the home appraises to be worth the cost of the work you are rolling into the loan. Best of all repairs are not done until after the loan closes!<\/p>\n","protected":false},"author":2,"featured_media":21041,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67,144,62],"tags":[131,71],"class_list":["post-21608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-203k-full","category-conventional","category-mortgage-programs","tag-fannie-mae-homestyle-loan","tag-fha-203k"],"acf":[],"yoast_head":"\nDynamic Duos: The FHA 203k and HomeStyle Renovation Loans Are Awesome<\/title>\n<meta name=\"description\" content=\"The FHA 203k and HomeStyle Renovation Loans useful for mandatory or elective repairs in Texas. Makes homes pass inspections. 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