Use the Special Government Home Renovation Loan Program, the FHA 203K Renovation Loan available in Florida Miami-Dade County Florida. This article will explain the little-known special government loan program that is part of FHA (Federal Housing Administration - a department within HUD).
A home buyer or existing home owner can remodel or update their home without having a higher cost second lien thanks to this special FHA loan program. You are not allowed to finance "Luxury items" such as a hot tub or swimming pool through this FHA loan program. You can repaint, remodel cabinetry in kitchens and bathrooms, replace appliances and flooring, add wallpaper, or even add a room to an existing structure (which will increase the value of your home because of more square footage).
The biggest advantage with this government loan program is that instead of having two higher interest loans, you can combine your primary mortgage and your rehab costs into one low government loan and interest rate. The name of this FHA loan program as defined by the Federal Housing Administration is 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. Two types of loan programs within the 203K Renovation Loan for Miami-Dade County FL exist.
The first is what is called a streamline 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. Only basic cosmetic repairs are allowed with a Streamline 203K loan. Items such as painting, plumbing, electrical, and flooring can be financed with this type of 203K 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. It's now possible to 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 will give 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 a FHA 203K Renovation Loan for Florida Miami-Dade County Florida or surrounding areas please contact Christian Penner, NMLS #368289 at 561-373-0987, http://www.yourmortgagesolutionsnow.com, or christian@christianpenner.com..
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Florida Miami-Dade County Florida FHA 203K Renovation Loans
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