Use the Special Government Home Renovation Loan Program, the FHA 203K Loans in Coppell TX. This article will explain the little-known special government loan program that is part of FHA (Federal Housing Administration- a department within HUD).
Thanks to this special FHA loan program, a buyer or home owner can do meaningful amounts of remodeling or updates to their new or existing home without the higher cost of a second mortgage.
Items such as a hot tub or a swimming pool are not allowed with 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).
Many advantages exist with this government loan program but the biggest is the ability to have all of your acquisition or refinance loans together with your improvement loan in one low interest rate instead of two separate governments loans that are always of higher interest rates. This FHA loan program is called a 203K loan, as defined 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
Lenders have to be approved by HUD in order to do this loan program. To avoid delays, 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 FHA 203K Loans in Coppell TX exist.
The first is what is called a streamline 203K loan. When using a 203K Streamline loan, there can't be any structural improvements and the dollar amount is generally lower (less than $35,000) for a 203K streamline loan. Only basic cosmetic repairs are allowed with a Streamline 203K loan. These are items such as painting, plumbing, electrical, and flooring. A Full 203K loan is the second type of a 203K loan. With a Full 203K loan you can do 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 FHA 203K Loans in Coppell TX and the surrounding areas please contact Joy Bates, Senior Mortgage Banker at 817-860-3232 or visit our website at http://legacyfinancial.com to request more information.
Joy does loans all over the state of Texas.
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