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FHA 203k, FHA 203h and FHA C2P Loans

Click the boxes to view what FHA 203k, FHA 203h and FHA Construction loans cover

  • FHA 203(h) - Purchase Loan

    This program offers 100% financing (purchase only) to individuals or families whose residents, whether owned or rented, were located in a presidentially declared disaster area and is destroyed to such an extent that reconstruction or repair is necessary. The new home does not have to be located in the area where the previous home was located.

    Eligible Properties:

    • 1-unit detached primary residences, detached PUB and FHA approved condos.

    Ineligible Properties:

    • 1-unit attached primary residences, attached PUB, 2-4 unit primary residence, second homes, investment properties, co-ops and manufactured homes.

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  • FHA 203(k) - Renovation Home Loan

    The FHA 203k mortgage is a special loan program designed to make it easy for a person to purchase a home in need of repair or to finance necessary repairs to an existing home. Buying the home and repairing the home can be done with only one loan.

    Eligible Customers:

    • Owner/Occupants
    • Non-profit Organizations

    There are two types of renovation loans: a limited loan that allows for up to $35,000 of renovations and a regular loan that allows for renovations above $35,000.

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  • FHA Construction-to-Permanent

    An FHA Construction-to-Permanent(C2P) loan is specifically used to finance the construction of the borrower’s new home and permanent mortgage all into one single transaction with one closing. The borrower will be approved for an FHA Construction-to- Permanent (C2P) loan, if the borrower is qualified for the long-term permanent FHA mortgage. Upon completion of construction, borrower will be required to modify from the interim construction loan (ICL) into a permanent FHA Fixed rate loan. There will be no additional closing or closing costs required.

    Loan Amounts:

    • 96.5% LTV based on Total Acquisition Cost Land/Home.
    • 620 Mid FICO score required.
    • Single Family Residence, Owner Occupied.
    • One loan purchases land & builds the home.
    • Loan amounts up to FHA conforming and high balance loan limits.
    • One-Time Close (OTC) transaction.

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What is an FHA 203K Loan?

The FHA Section 203(k) program provides assistance for borrowers to purchase or refinance a property with additional funds for home repair or improvements. FHA which stands for Federal Housing Administration (FHA) insures the loan against future default by the borrower in form of mortgage insurance premium and is part of the Department of Housing and Urban Development (HUD). HUD or FHA do not make direct loans to consumers (homebuyers or homeowners) but FHA does insure loans that are funded by approved FHA lenders. FHA insures different types of home loans which one of them is the 203k that is used to rehab properties.

  • Kitchen and bathroom remodels
  • Extra room additions
  • Porch, deck, and patio additions
  • Landscape improvements
  • The repair of structural problems
  • Garages and carports

GOLDWATER BANK N.A. - Mortgage Division - Magnolia Branch

The Goldwater Bank N.A. - Mortgage Division - Magnolia Branch team consists of mortgage professionals all over Texas. We are committed to providing our clients with the highest quality service for your home loan needs.

goldwater bank community relationship
goldwater bank community relations
Our ultimate goal is to create a lasting relationship with each of our clients that we may continue to provide excellent service for many years to come. Unlike many of the larger nationwide mortgage companies that are out there, all your information will be kept secure and private. Our name is trusted throughout the lending community. We have an A+ Accredited Business rating from the Better Business Bureau. To speak directly with an experienced mortgage professional simply give us a call anytime or feel free to utilize any of the interactive tools offered throughout the site. We look forward to working with you. Learn More

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  • Goldwater Bank N.A. – Mortgage Division

    Purchase a property and upgrade it with your own improvements, or get a simple rehab loan for your current home remodel project.

    Goldwater Bank Magnolia TX

    32310 Tamina Rd.
    Magnolia, TX 77354

    call us now at 281-860-2533

    (281) 860-2533

    FHA loan specialists

    Specialists are standing by 24 / 7

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