Take advantage of the Special Government Home Renovation Loan Program with Highland Park TX FHA 203K Loans.
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.
Items such as 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).
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).
A 203K Loan is the name of this FHA loan program as defined by the Federal Housing Administration. Visit the FHA website for more information:
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.
Highland Park TX FHA 203K Loans has two types of loan programs within the 203K Renovation Loan. 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. But, basic cosmetics, etc. are allowed on a streamline 203K Rehab loan. 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.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan 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 Highland Park TX FHA 203K Loans please contact Joy Bates of the Legacy Group at 817-860-3232, email her: joybates@leader1.com or log on to http://legacyfinancial.com to make an inquiry.
Joy does loans all over the state of Texas.
Comments(0)