The Government has a Home Renovation Loan Program that is offered with FHA 203K Loans in Fort Worth TX.
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). 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.
Items such as 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).
Many advantages exist with this government loan program but the biggest is the ability to have all of your acquisition or refinance loan together with your improve loan in one low interest rate instead of two separate governments loans that are always of higher interest rates.
The Federal Housing Administration callas this FHA Loan program a 203K loan. 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. To avoid delays that brokered loans in this niche create, it is essential that you go with a lender that can offer in house underwriting and expertise instead of using a mortgage broker due to the intricacies of the loan program.
FHA 203K Loans in Fort Worth TX has two types of loan programs. The first is what is called a streamline 203K loan. The dollar amount of improvements is generally lower for a streamline 203K loan, and there can not be any structural improvements on a 203K Streamline loan. Other than basic cosmetics and various other items. are allowed on a streamline 203K Rehab loan. 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.
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 could allow you to remodel your existing home or give you more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using FHA 203K Loans in Fort Worth TX and the surrounding areas 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. Feel free to send her an email: joybates@leader1.com.
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