There is a special Government Home Renovation Loan Program that exists 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). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. 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).
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. You can find information on the FHA website located here:
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.
FHA 203K Renovation Loan for Southlake Texas has two types of loan programs. The first is what is called a streamline 203K loan. 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 a streamline 203K Rehab loan allows The second type of 203K loan is called a Full 203K loan. The full 203K loan offers the ability for the home owner to renovate or rehab their property including structural improvements, like doing foundation work or adding another room, etc.
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. 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 FHA 203K Renovation Loan for Southlake Texas or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.com and request more information.
Send Joy an email: joybates@leader1.com. She does loans all over the state of Texas.
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