{"id":3370,"date":"2009-03-04T13:18:49","date_gmt":"2009-03-04T19:18:49","guid":{"rendered":"http:\/\/www.myfhamortgageblog.com\/?p=3370"},"modified":"2026-06-03T17:39:21","modified_gmt":"2026-06-03T17:39:21","slug":"straight-scoop-on-the-dallas-203k-loan","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/straight-scoop-on-the-dallas-203k-loan\/","title":{"rendered":"Straight Scoop on the Texas 203k Loan"},"content":{"rendered":"

\"FHA<\/a><\/p>\n

The FHA mortgage program, more specifically, the FHA 203k rehab loan<\/a>, is one of the most sought after solutions Dallas, TX first time homebuyers are turning to these days for low money down.<\/p>\n

With the collapse of the Subprime mortgage offerings, many would-be home purchasers\/refinancers are unsure as to what their financing options are.<\/p>\n

Over the past few months, many Texas homebuyers\/refinancers have found that the government backed FHA mortgage is the answer.<\/p>\n

Although not hit as hard as other states, Texas has had it’s fair share of foreclosed and abandoned properties.\u00a0 For many families, the promise of owning an affordable home is a very likely reality.<\/p>\n

With only a 3.5% required down-payment and historically low rates, Dallas foreclosed home deals seem to conjure up the perfect storm for a strong buyer\u2019s market.<\/strong><\/p>\n

So with your Pre-Approval <\/a>for an FHA 203k \u00a0loan and your down-payment money in the bank, you start to look at foreclosed homes.\u00a0 Some of them are run down, some are in good shape, but need some updating and some are just right and move in ready.<\/p>\n

Can you guess where the bargains are found?<\/em>\u00a0 Yes, the homes that need work are the ones that the banks are willing to let go for much less.<\/p>\n

Enter the FHA Streamlined K Limited Repair Program, otherwise known as the 203K. <\/strong><\/p>\n

This is a standard FHA loan that allows for the financing of less extensive, but necessary rehabilitation<\/a>. It is a standard fixed rate home mortgage with a trick up its sleeve. This type of home loan can be used to pay for things such as:<\/p>\n