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Mortgage Rehab Programs For DFW Texas Homebuyers – FHA 203k Loans

FHA 203K PROGRAMS

If you’re buying a house that needs improvements or rehab work to be completed after you close, you will need to call us today to pre-qualify for an FHA 203k Rehab mortgage program.

In North Texas and  throughout Dallas/Fort Worth, there are very few lenders that offer this program.  We are one of the few with experience in helping homeowners finance properties using this unique mortgage option.

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There are two types of 203k mortgage programs for homebuyers in Texas to take advantage of, and you can see the difference below. Call us today at 214-929-1733 or email The Campbell Home Team to learn more.

FHA STREAMLINE 203K

  • For Purchases or Refinances
  • Minimum FICO is 620
  • No minimum requirement for rehabilitation costs
  • Maximum total rehabilitation cost of $35,000
  • Work must begin within 30 days of funding and cannot take longer than 3 months
  • No HUD Consultant Required
  • 2 Draws
    • Initial draw of up to 50% of repair costs is disbursed at funding
    • Final draw after final inspection
  • No cash out permitted over $500
  • Rehabilitation costs must be supported by Improved Value Appraisal
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  • Improvements Allowed
    • Minor remodeling that does not involve structural repairs
    • Basement waterproofing
    • Mild mold remediation
    • Heating, ventilation and air conditioning systems
    • Plumbing and electrical systems
    • Existing well and septic repair or replacement
    • Flooring, exterior and interior painting
    • Weatherization, including storm windows and doors, insulation, weather stripping
    • Replacement of window and doors and exterior wall re-siding
    • Appliances, including free-standing ranges, refrigerators, washers and dryers, dishwashers and microwaves
    • Improvements for accessibility for persons with disabilities
    • Lead-based paint stabilization or abatement of lead-based paint hazards
    • Replacement/addition of exterior decks, patios, and porches
    • Roofs, gutters, and downspouts

FHA STANDARD 203K

  • For Purchases or Refinances
  • Minimum FICO is 620
  • Minimum requirement for rehabilitation costs is $5,000
  • Maximum total rehabilitation costs can be over $35,000 and up to the FHA county limit
  • Work must begin within 30 days of funding and can take up to 6 months
  • If home is uninhabitable during construction, up to 6 months of mortgage payments can be included in the rehabilitation costs
  • Improvements Allowed
  • Structural alterations and additions (with upfront approval)
  • Upgrade or modernization of central air/heat, plumbing, and electrical systems
  • Repair or replace well and septic systems
  • Repair termite or moisture damage
  • Elimination of health and safety hazards such as asbestos & lead based paint abatement
  • Basement waterproofing
  • Remodeling of kitchen and baths
  • Roofing, gutters, and downspouts
  • Flooring, tiling, and carpeting
  • Interior and exterior painting
  • Siding, windows, doors, and trim work
  • Energy conservation improvements
  • Improvements for disability accessibility
  • New freee standing appliances
  • Foundation repair
  • Addition or replacement of exterior decks, patios, and porches
  • Permanent hardscape such as driveways, walkways, retaining walls and fences
    • HUD Consultant is required (cost between $600 -$1000)
    • Maximum of 5 draws allowed and only after HUD Consultant has inspected the work and approved it
    • No cash out permitted over $500
    • Rehabilitation costs must be supported by Improved Value Appraisal

ANY QUESTIONS? WANNA LEARN MORE ABOUT THE FHA 203K REHAB PROGRAMS? GIVE US A CALL AT (214) 929-1733 OR JUST CLICK THE LITTLE BLUE BUTTON BELOW.

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