Supreme Lending Houston offers an FHA 30-Year Fixed Rate 203(k) Rehabilitation Loan Program that lets you make your dream home a reality. Rehab loans allow you to improve your current home or buy a home that needs updates or repairs. With this program, you can purchase a new home or refinance your existing one, as well as renovate it through a single mortgage, rather than applying for multiple different loans.
All borrowers must have a credit score of at least 620
Maximum 55% DTI for credit scores >680
Maximum 50% DTI for credit scores 640-679
Maximum 43% DTI for credit scores 620-639
FHA 203(K) consultant required
No funds disbursed ahead of time
Up to 5 disbursements allowed
No max rehabilitation escrow amount
Funds are disbursed to contractors as work is completed and inspected
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