FHA Loan

If you are listing a home in Texas that isn’t quite move-in ready there is no reason to lose hope. In fact, you might be at a unique advantage simple because now you have the ability to offer a potential buyer a chance to customize/upgrade the house to their liking and finance all of the construction. How you ask? The answer is the FHA 203k renovation loan!

Recently I’ve had a lot of calls asking if one repair or another would be possible so I wanted to outline some of the most requested items as make sure to get the word out that they are all eligible for repair under the FHA 203k loan.

1. Foundation repair – all types of foundation issues are covered
2. Roof repair/roof replacement
3. Plumbing issues and electrical issues – brining up to code
4. Mold remediation
5. Termite damage
6. Replacement of missing HVAC / conversion from window units to central unit

The above list represents the most popular items I’ve come across lately but keep in mind that the FHA 203k loan isn’t just for required items. Elective items such as upgrading the kitchen with granite or adding hardwoods in place of carpet are allowed too!

Don’t lose out on a potential buyer just because they think the home needs too much work or they have heard the FHA 203k loan is time consuming. In all reality this loan is very much like a regular purchase, we just add the rehab component which begins after closing. Also in most cases the loan will close and fund in 45 days or less. What better time to renovate a home than at the time you purchase!!

If you have ever heard a buyer say, “This is the perfect home but…” Then it’s probably time to pass along my contact information and let me discuss the FHA 203k loan with the potential buyer.