Special Government Home Renovation Loan Program with FHA 203K Renovation Loan for Southlake Texas.
Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). This FHA loan program allows the buyer or existing owner of a home to do significant amounts of remodeling or updating to their home without a higher cost second lien.
"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).
A 203K Loan is the name of this FHA loan program as defined by the Federal Housing Administration. For more information, please visit the FHA website:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
HUD must approve lenders before they can do this loan program. Due to the intricacies of the loan program, you must go with an experienced lender that offers in house underwriting instead of a mortgage broker so that you can avoid the long delays that brokered loans in this niche sometimes create.
FHA 203K Renovation Loan for Southlake Texas has two types of loan programs. 1. A streamline 203K loan. There can't be any structural improvements on a 203K Streamline loan and the dollar amount is generally lower for a 203K streamline loan. Other than basic cosmetics and various other items. that a streamline 203K Rehab loan allows A Full 203K loan is the second type of a 203K loan. A full 203K loan offers structural improvements like adding another room or doing foundation work as well as the ability for the home owner to rehab or renovate their current property.
Now you can have the home of your dreams- so when looking for a home- you can envision new carpeting, paint, lighting, remodeled kitchen or bathrooms, etc. now you can remodel your existing home and have more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using a FHA 203K Renovation Loan for Southlake 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://southlakehomemortgageloan.com and request more information.
Joy does loans all over the state of Texas.
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