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September 2020

Houston Rehab Loans

By | Houston Rehab Loans, Texas Commercial Loans

Houston rehab loans are available for a number of purposes, including renovations and acquisitions. The great thing about these types of loans is that they are structured for various reasons. In other words, they can be used not only to buy a house, but to remodel it completely, or make minor improvements. Read on to learn more about how rehab loans work in Houston and beyond.

Houston rehab loans are generally available in three different types. All are structured by the federal government, and funding is made possible through various lenders, including banks and credit unions. Here are the three most common forms of rehab loans you’ll find:

1.FHA 203k loan. This is the best option for someone who wants to purchase a primary residence and wants to fix it up. This loan can be used to buy a house and make minor or major changes. It requires a credit score between 500 and 580, with a down payment of 10 percent.
2.The Fannie Mae HomeStyle loan. Just like the loan listed above, this form of financing can be used to purchase a primary residence. But, it can also be used to purchase a second home, or an investment property to rent or flip. It requires a minimum credit score of 620, with a down payment usually ranging from 3 to 5 percent.
3.The Freddie Mac CHOICERenovation loan. This type of loan is usually reserved only for renovation purposes because it is intended for what’s known as permanent fixtures. Examples would be adding a master bedroom suite or an extra bathroom.

Dallas Rehab Loans

By | Dallas Rehab Loans, Texas Commercial Loans

Dallas rehab loans are an ideal way to finance home improvements, even the purchase of the real estate, and best of all, they come in a few different forms. Whether you’re looking to buy a primary residence or an investment property, a renovation loan might be the best option. Read on to learn more about what you need to know about rehab loans in Dallas.

Dallas rehab loans basically break down into three different products. All are offered through the federal government, with private lenders often facilitating the funding. Here are the most common types of renovation loans in Dallas and beyond:

1. FHA 203k loan. This financing product is structured by the Federal housing authority and is for the purchase of a primary residence. It can also be used to fund major or minor home improvement projects. The FHA 203k loan requires a credit score of 500 to 580, with a 10 percent down payment.
2.The Fannie Mae HomeStyle loan. Like the above loan, this one can also be used to purchase a primary residence. However, it does also offer the option to purchase a second home or an investment property. It also allows primary homeowners or investors to make major or minor improvements to the property.
3.The Freddie Mac CHOICERenovation loan. This type of financing is a bit different, as it allows for home improvement projects that are permanent fixtures. In other words, with this type of loan, it’s possible to add a bathroom or even something like put in a swimming pool.

Austin Rehab Loans

By | Austin Rehab Loans, Texas Commercial Loans

 

Austin rehab loans are a great way to fix up a property and rent them out, flip them, or move into a completely updated primary residence. Depending on the situation, one of these loans will be a better fit than the other. While there is some crossover as to their uses, they do differ quite a bit. So, read on to learn more about renovation loans that are available in Austin Texas, and what should know about them.

Austin real estate improvement loans, in three primary forms. These can be used for a variety of purposes, including purchasing a property and fixing it up, to adding major features, like an in-ground pool. Here are the most common rehab loans you’ll find in Austin and beyond:

1. FHA 203k loan. This loan is intended for people who wish to purchase a primary residence and fix it up to live in. It requires a credit score of 500 to 580, with a down payment that is generally around 10 percent. It can be used not only to buy a house but make minor or major improvements to the residence.
2. The Fannie Mae HomeStyle loan. like the loan above, this one can be used to purchase a primary residence. However, it can also be used to purchase a second home or an investment property. It requires a minimum credit score of 620 and a down payment of 3 to 5 percent.
3. The Freddie Mac CHOICERenovation loan. This loan is designed for making improvements and additions, like adding on a master suite.

San Antonio Rehab Loans

By | San Antonio Rehab Loans, Texas Commercial Loans

San Antonio rehab loans are available for primary property owners and real estate investors alike. These come in three general structures but do expand a bit. So, there’s ample funding for renovations, including for new purchases or existing ownership. That means it’s possible to do a lot of things, including minor upgrades or major renovations, and even something like installing a swimming pool. Read on to learn more about San Antonio rehab loans and what you need to know.

San Antonio rehab loans, as mentioned above, come in three primary forms. (Though some are offered with bits of modifications to accommodate certain types of uses.) Generally, though, these are the types of remodeling loans available:

  1.  FHA 203k loan. This loan is one of the most common and popular because it only requires a minimum credit score, ranging from 500 to 580, and a down payment of as little as 3.5 percent, and as much as 10 percent. However, It can only be used for primary residences, and not investment and or rental properties. So, it is more often the choice of homeowners who want to finance minor or major home improvement projects.
  2. The Fannie Mae HomeStyle loan. This loan differs from the former because it can be used to not only purchase a primary residence, it can also be used to buy a rental house or any real estate investment property. This loan requires a minimum credit score of 620, with a down payment of between 3 and 5 percent.
  3. The Freddie Mac CHOICERenovation loan. This rehab loan can be used for a number of things including something like installing a swimming pool.