Capital Home Mortgage Texas

Texas Renovation Home Loans

Texas Renovation Mortgage Lender

Texas Renovation Home Loans

Numerous new homes are being constructed across the country, most flying off the market in the blink of an eye. With the housing market being extremely “hot” as of late, it is comforting to know that homebuyers still have the option to purchase a fixer-upper if they wish to.

Home renovation loans are a valuable resource for both Texas homebuyers and sellers. They offer homebuyers the choice and opportunity to purchase a home and then modify it to fit their preferences while also permitting the seller to sell the house as it is, saving them from the hassle of making unnecessary repairs and upgrades before selling.

A Texas home renovation loan could be the best option for you under the following circumstances:

  • You are exploring ideas for home improvement.
  • You would like to update a room or section of your existing home or a home you wish to purchase.
  • You want to renovate the house to accommodate your lifestyle or your family’s requirements.
  • You want to expand or add more rooms to the home. 

Home Renovation Loan Programs in Texas

Many old residences only require a little TLC to become somebody’s dream home. These renovation home loan programs will allow you to get more bang for your home-buying buck:

1- FHA 203(k) Loans

FHA 203(k) loans are designed for homebuyers who want to purchase and tackle homes requiring extensive renovations. This FHA-backed loan considers the property’s after-improvement value and allows you to borrow the funds necessary to complete the project as part of your primary mortgage.

The FHA 203(k) has two types:

  • The FHA 203K Standard covers the cost of major structural and cosmetic repairs/upgrades to your primary residence. The repair and renovation amount should be at least $5,000, and major structural repairs are eligible.
  • The FHA 203K Limited is a scaled-down version of the FHA 203K Standard. It is easier to obtain but only covers non-structural repairs, setting the maximum loan at $35,000. However, major structural repairs are not eligible for this program.

2 – Freddie Mac CHOICERenovation Loan

The CHOICERenovation loan is a low-down-payment conventional loan program offered by Freddie Mac that allows you to finance the purchase of a home and the cost of improvements.

3 – Fannie Mae HomeStyle Loan

The Fannie Mae HomeStyle® Renovation loan enables qualified borrowers to purchase or refinance a home and finance the cost of repairs/renovations through a single loan. First-time homebuyers may obtain a HomeStyle® loan at a 3% down payment.

Interested In Purchasing A Fixer-Upper? 

The next step is to meet with a mortgage specialist to discuss your finances and home-buying objectives. 

Capital Home Mortgage will gladly help you find the right home loan for your needs. We originate a wide range of mortgage options, from conventional and government-backed loans to the renovation loans mentioned above.

As a direct mortgage lender in Texas, we ultimately control the entire process –from application to closing. We’re dedicated to making home loans a more natural and pleasant experience for our clients!

Get in touch with one of our home loan experts for more information about our Texas Renovation Home Loans.

Why Texas is Choosing Capital Home Mortgage
Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Texas Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Texas Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Texas Renovation Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Texas FHA Renovation 203K Loan

Renovation 203K Home Lender
  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV

Texas Fannie Mae HomeStyle Renovation Loan

  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV
Renovation Fannie Mae Homestyle Lender
  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV

Texas Freddie Mac Choice Renovation Loan

  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Renovation Freddie Mac Choice Home Lender
  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Not Sure? Take a Look at Other Texas Mortgage Programs

Texas Renovation Mortgage Team

Ron Ireland

Branch Manager
NMLS 328363

Doug Harris

Loan Officer
NMLS 2152628

Matt Williams

Sr Loan Officer
NMLS 1945867

Chris Erwin

Loan Officer
NMLS 914064

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