If you’re in the market for a fixer-upper, the best way to fund the purchase and renovation of your new home is an FHA 203k loan, also known as an FHA Construction Loan. It’s a popular choice with plenty of benefits, such as:
• FHA 203k loans are perfect for homes that need repair. You don’t have to spend so much upfront for repairs since financing already includes the funds for construction.
• Savings. A rehab loan helps you keep your savings while providing the funds to finance the rehabilitation.
• Low interest. FHA loans are popular because they have low-interest rates --frequently lower than what non-government-backed loans can offer.
• Enjoy great deals. Rehab loans allow buyers to purchase homes at a lower price.
• Customization. With an FHA 203k loan, you can upgrade your home the way you want it.
TEXAS RESIDENTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A
MORTGAGE COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR
LICENSED IN TEXAS SHOULD SEND A COMPLETED COMPLAINT FORM TO THE
DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (SML): 2601 N. LAMAR
BLVD., SUITE 201, AUSTIN, TEXAS 78705; TEL: 1-877-276-5550. INFORMATION AND
FORMS ARE AVAILABLE ON SML'S WEBSITE: SML.TEXAS.GOV.
