FHA 203K Loans in Woodland West neighborhood in Arlington, TX

FHA 203K Loans in Lakewood Addition neighborhood in Fort Worth, TX Four FHA 203(k) Myths BUSTED! Paperwork. Time. Bids. Big Loans. Our customers tell us these are obstacles that are keeping them from taking advantage of the FHA 203(k) loan for home improvements, renovations and repairs. real estate agents often don’t suggest this loan option to clients for the same reasons.

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Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. Purpose: Section 203(k) fills a unique and important need for homebuyers.

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HUD has a detailed list of standards that a 203k contractor must meet, which is why it is highly recommended that you work with a General Contractor who has experience with FHA 203k loans. The selection of an experienced, 203(k) contractor is one of the most important decisions a borrower can make during the FHA 203(k) loan process.