buy lower in Austin, TX with 203(k) loans

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Austin home prices were up 7.1% compared to last year, median price of $550K.

So with prices rising people have been looking for way to get in to the Austin RE market in 2025…and still make money

If you’re looking to make money in RE and don’t mind a fixer-upper, a 203(k) loan might be the way for you.

This loan program allows you to purchase a home and finance renovations, at less than half the interest costs of credit card or personal loan.

Fixer-uppers often come with less buyer competition, offering you the opportunity to build significant equity in a shorter period of time.

Eligible Home Improvements:
* Remodeling bathrooms or a kitchen
* Replacing a roof
* Adding a rooms
* Replacing flooring
* Expanding or building a garage or carport
* Adding a porch or patio
* Adding or repairing siding
* Repairing an existing swimming pool

Process:
A portion of your loan is used to pay for the purchase of the home.
The remainder is placed in an interest-bearing account on your behalf and released in stages to your contractor as reno is completed.

5 Steps - 203(k)
1. Property Approval
1. You have to live in it
2. Can’t be an investment
3. Must be at least 1yr old
2. Contractor Approval
1. 1M in General Liability coverage
2. Registered contractor
3. Buyer Approval
1. Income, Credit, Assets
4. Fund the purchase
5. Fund the contractor

Breaking news:
On Nov 4th, 2024 HUD released a 203(k) update. This update increased the maximum allowable renovation cost for a LIMITED 203k loan to $75,000. Which means that your 203(k) loan is even easier if you keep your renovation budget under $75K!

Connect below:
Corbin Matise
VP of Sales, Loan Officer
NMLS 2149887
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