FHA 203k- This program is designated for houses that are damaged or sorely in need of rehabilitation. The loan covers not only the cost of the property but also the cost of necessary home repairs. The down payment requirement is low, and eligibility criteria are loose. Homeowners whose homes need improvement can also refinance with these loans. A vast range of repairs, including room additions, bathroom remodeling, roofing, flooring, and air conditioning systems can be funded with these loans.
Reverse Mortgages- This program allows seniors to convert equity in their homes to cash; you dont have to pay back the loan and interest as long as you live in the house.
Jumbo Loans- This program is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit. In Texas, the conforming loan limit is $453,100.
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