Use the Special Government Home Renovation Loan Program, the FHA 203K Renovation Loan available in Hurst, Texas. 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.
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. Items such as remodeling cabinetry in kitchens and bathrooms, painting, adding wallpaper, replacing appliances and flooring, or even adding a room to an existing structure (which will increase the value of the homes square footage) are allowed.
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. 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 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. There are two types of loan programs that are part of the FHA 203K Rehab Loans in Hurst, Texas. 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. Items such as painting, plumbing, electrical, and flooring are allowed. The second type is a Full 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 Rehab Loans in Hurst, Texas and the surrounding areas please contact Joy Bates, our Senior Mortgage Banker at 817-860-3232, email Joy: joybates@leader1.com or visit our website http://legacyfinancial.com to request more information.
Joy does loans all over Texas.
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