This article talks about a special government home renovation loan program with Renovation FHA 203K Loans Bedford TX.
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.
However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. But you can repaint, replace flooring, remodel cabinetry in kitchens and bathrooms, add wallpaper, replace appliances – even add a room to an existing structure (which can significantly add to value as you increase the square footage of your home).
This loan program has many advantages but one of the biggest is that you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, which is a government guarantee loan instead of two separate loans (which are always higher interest rates).
The FHA loan program is called a 203K loan 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
Lenders have to be approved by HUD in order to 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.
The two types of loan programs for Renovation FHA 203K Loans Bedford Texas are what is called a streamline 203K loan and a Full 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.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan 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 Renovation FHA 203K Loans Bedford TX please contact Joy Bates , Senior Mortgage Banker at 817-860-3232.
Visit our website at http://legacyfinancial.com for more information on FHA 203K Loans.
Joy is eligible to do these loans all over the state of Texas.
Comments(0)