Renovation FHA 203K Loans in Fort Worth Texas

A Special Government Home Renovation Loan Program with Renovation FHA 203K Loans in Fort Worth Texas.

 Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- a department within HUD). Existing home owners or potential home buyers can remodel and update their homes without having a higher cost second lien because of this FHA loan program. 

 "Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms. 

 One of the biggest advantages to this government loan program is you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, government guaranteed loan instead of two loans-  including a first and a second lien loan (which is always at a higher interest rate). 

 The Federal Housing Administration callas this FHA Loan program a 203K loan. Visit the FHA website for more information:  

  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou 

  In order to do this loan program, lenders must be approved by HUD. It is important that you go with a lender that offers in house underwriting and expertise instead of a mortgage broker due to the intricacies of the loan program and to avoid long delays that brokered loans in this niche create. 

 There are two types of loan programs within the Renovation FHA 203K Loan in Fort Worth Texas. A streamline 203K loan is the first. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure.  Other than basic cosmetics and various other items. that are allowed on a streamline 203K Rehab Loan. The second type of 203K loan is called a Full 203K loan. The ability for the home owner to renovate or rehab their property include improvements to structure such as foundation work or adding another room are offered by full 203K loans. 

  When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan which may allow you much more flexibility in your home purchase or to remodel your existing home. 

For more information on renovation or rehabilitation of your home using a Renovation FHA 203K Loan in Fort Worth Texas or the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or 1-888-860-3232 or log on to http://fortworhhomemortgageloan.com and request more information. Joy does loans all over the state of Texas.