A Special Government Home Renovation Loan Program with FHA 203K Loans in Euless Texas.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. This FHA loan program allows the buyer or existing owner of a home to do significant amounts of remodeling or updating to their home without a higher cost second lien.
However, this loan program doesn't allow for items in your home such as a swimming pool, hot tub, or other accessories. 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).
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. 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.
There are two types of loan programs within the FHA 203K Loans in Euless Texas. 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. are allowed on a streamline 203K Rehab loan. 2. 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 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 Euless Texas 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.
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