Finance Your Home Improvement with a Texas FHA 203K Loan
You don’t have to use any out-of-pocket cash for your next home improvement project, and we can show you how. Our home improvement financing options can help you improve your current home or even buy an older home that needs updating.
The FHA 203(k) Home Improvement Loan program is available in Texas to assist homeowners and buyers with renovation expenses. Its main goal is to improve the value of property and increase the conditions of homes and neighborhoods.
About Texas FHA 203(k) Home Improvement Loans
- 203(k) must be funded by an FHA-approved lender, such as New American Funding.
- Loans can be either 30 year or 15 year with a low fixed rate.
- FHA Loans traditionally have lower rates than other loan types.
- The home you plan to renovate needs to be single family or no more than four units.
- Loans can be funded for more than a home’s purchase price to cover remodeling expenses.
- If you add solar or energy efficient projects, loan amounts can be higher than the standard 203(k) loan limit.
Affordable refinance for home improvement projects
With the Texas FHA 203(k) Home Improvement Loan, the original mortgage, or mortgages, will be refinanced into a 30 year or 15-year fixed rate FHA loan. The amount of the loan can be greater than the amount owed on your current mortgage to provide funds for improvement projects. Plan your updates and renovations knowing that the funds are available to complete your projects. The 203(k) can help pay for updates such as:
- New roofs, gutters and downspouts
- Room additions
- Disability home improvements
- Interior and exterior painting
- Flooring upgrades
- Major appliance upgrades
The 203(k) can be even more convenient to you if you currently have a Texas FHA Home Loan. The FHA Streamline Home Improvement Loan, available to current FHA borrowers, makes getting a loan even faster than the standard process.
Buy and renovate an older, distressed home
New American Funding will finance the purchase of dilapidated or distressed homes. The FHA, in addition to refinances, backs the new purchase of homes that need significant remodeling in order to be livable. The total amount borrowed includes the purchase price, plus the amount needed to complete updates and renovations.
The FHA invests in this type of loan so that neighborhoods can be revitalized and homes made new again. Cities such as Arlington and El Paso currently have neighborhood revitalization plans that include history preservation and neighborhood improvement.
New American Funding is approved to finance 203(k) projects and will finance loans with renovations that include:
- Removal of lead-based paint
- Adding HVAC systems (Heating and air conditioning)
- New septic or well systems
- Plumbing and electrical upgrades
- Weatherization and insulation
- Adding energy efficient windows and doors
If you have an improvement project for your current home or a new purchase in Texas, fill out our easy get a quote form to get a customized quote for your Texas FHA 203(k) Home Improvement Loan. Or call us at 1-800-450-2010 to speak to one of our mortgage specialist about any of our Texas Home Loan options.