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Can you get any sort of rehab loan right now in Texas?

I'm hoping be be under contract soon for a great house, but it needs a fair amount of work. My mortgage broker told me that my chances of getting a loan on top of my mortgage to fix it up were almost zero, but I kept researching it and I found a few other things, such as the 203K program, that looked like they might work. I'm wondering if there's any way to get a loan for fixing up a historic (1900) house without paying the insane rates of a personal line of credit, and if I'd be able to do that in today's market in Austin, TX?
  • June 24 2009 - Austin
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Answers (3)

You might also consider the HomePath Renovation loan program. 
  • July 12 2009
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203K FHA is the way to go.  If the lender you were going to work with isn't FHA approved, you'll have to go somewhere else.  Try to work with a loan officer that has experience with these types of loans as they can be very tricky and have strict regulations.
  • July 02 2009
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The best answer I can give you is one that you have already found, FHA approved 203k. We are an approved lender, but to be completely upfront they are much more intensive and time consuming. Hope at worst this gives you a place to start.
  • June 27 2009
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