There is a Special Government Home Renovation Loan Program with FHA 203K Loans for Desoto 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). 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. Repaint, remodel cabinetry in kitchens and bathrooms, add wallpaper, replace appliances and flooring and even a add a room to an existing structure (which will increase the value of the homes square footage).
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 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
In order to do this loan program, lenders must be approved by HUD. 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 Loans for Desoto 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. Except for basic cosmetics among other things. that are allowed on a streamline 203K Rehab Loan. The second type of 203K loan is called a Full 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.
You can envision new carpeting, paint, a remodeled kitchen or bathrooms and lighting when looking for your new home and have the home of your dreams 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 Loans for Desoto Texas please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.com to request more information.
Joy does loans all over the state of Texas. Send her an email today: joybates@leader1.com. She will be happy to answer your questions.
Comments(0)