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RENOVATION LOANS

Whether buying a 'fixer-upper' or planning upgrades on the new home you are purchasing it would make sense to look into the Federal Housing Administration (FHA) 203(k) loan program. Under this program borrowers are able to combine the cost of purchasing a home that needs renovations with additional money to cover the remodel.

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This arrangement works for both the lender and the borrower, as it provides a more affordable option with better terms for the home buyer while giving lenders the extra security of the FHA backing the loan. When looking at an FHA loan in Texas, remember the specific rules on what properties are eligible for funding.

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Eligibility is not difficult and the following categories of improvements will typically qualify:

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  • installing new flooring,

  • replacing roofin and replacing or installing gutters and downspouts,

  • improving the sewer or plumbing system,

  • landscape improvement,

  • improvements to the home that improve its overall energy efficiency such as energy efficient windows and doors, kitchen and kitchen appliance upgrades, air conditioning and heating system upgrades and also typically eligible are

  • improvements needed to provide ADA-compliance (Americans for Disability Act) including widening doorways in the home, access ramps or people-mover to accommodate second floor bedrooms

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In addition to the usually lower interest rates the loan qualifications are generous with a 3.5% downpayment and first time homebuyers in Texas may also qualify for downpayment assistance.

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Contact Us Today

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To talk about your situation and your options whether selling the home or doing a buy-out with your spouse. Even before the divorce proceedings begin, we can evaluate your financial situation to help you retain a large percentage of your estate or advise you on your new purchase. Call Geni Manning at 469-556-1185 or fill out our online request form.

If your answer is 'YES' to any of the following questions please contact us right away so we can discuss your options and help get you pointed in the right direction:

  • Thinking about a divorce?

  • Did your spouse serve you divorce papers?

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  • Facing a divorce or separation in Dallas/Ft. Worth, Texas or surrounding areas?

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  • Need to sell your home and want to know your options?

  •  Divorce - You House & Your Money?

  • Having child custody issues after divorce?

  • Need to revisit your spousal support?

  • Would you like the book 'Surviving Divorce - Your House & Your Money' ?

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​Geni Manning Real Estate Group

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Keller Williams Frisco Stars

4370 Preston Road, Ste #100,

Frisco, TX  75034

​​​RealEstate@GeniManning.com

469-556-1185

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Disclaimer: The information provided in this website and our blogs is not intended for legal, financial or mental health advice but is for general informational purposes only. While we endeavor to provide the latest information on a particular subject, future changes to the source Information is beyond our control.

© 2023 by Geni Manning Real Estate Group

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