Welcome to Lone Star 203k!
We help bring your dream home to life!
Welcome to Lone Star 203k!
We help bring your dream home to life!
203k Home Renovation Loan Program
Often, those who are purchasing or refinancing a property don’t have the funds for improvements. The FHA 203k Home Renovation Loan Program allows you to purchase or refinance a property, as well as do necessary repairs, upgrades, updates, add an addition, and finance it all in one loan. This program works for 1 to 4 unit owner-occupied properties and can have commercial space if less than 51%.
Getting Started
- Talk with a 203k lender Get pre-qualified and ask questions regarding the loan process.
- Find a realtor/broker who understands the 203k program They can help you find a property that fits what you are looking for. If you request, we can introduce you to realtors that understand the program. (If you are remodeling, re-financing, or doing an addition go to step 3.)
- Select a 203k consultant We schedule a meeting at your project and go over the specifics of what has to be done (HUD Minimum Property Standards), as well as the items you would like to repair or upgrade. We will put together a Work Write Up (WWU) package including a Specifications of Repairs (SOR). The SOR goes to the lender for final loan approval.
- Find a contractor We recommend that you choose an experienced 203K contractor. If you request, we can introduce you to contractors that are experienced in 203K repairs and who understand the program. We will work with the contractor to finalize their bids and complete the SOR.
- Begin the repairs Once your loan is approved there are draw inspections every 30 days and the job is completed in 6 months.
Are you a law enforcement officer, firefighter, EMT, or teacher (Pre-K through 12)? There is a 203K program designed to allow you to purchase a home for 50% off the listed price. It’s called the Good Neighbor Next Door Program. Click here for more information.
Our partners
National Association of FHA Consultants; America's only national organization devoted to the goal of increasing education, awareness, and uniformity for all involved in the 203k home renovation loan program.
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Manufactured Home Foundation Certifications for FHA, HUD, VA & Conventional Loan Compliance. Provided by Harrison Engineering LLC
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