There is a Special Government Home Renovation Loan Program with FHA 203K Rehab Loans for Irving Texas.
Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA(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.
However, this loan program doesn't allow for items of luxury 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).
The FHA loan program is called a 203K loan 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
HUD must approve lenders before they can 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 FHA 203K Rehab Loans for Irving Texas exist. 1. A streamline 203K loan. The dollar amount of improvements is generally lower for a streamline 203K loan, and there can not be any structural improvements on a 203K Streamline loan. But, basic cosmetics, etc. that are allowed on a streamline 203K Rehab Loan. The second type of 203K loan is called a Full 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.
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 Rehab Loans for Irving Texas or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232, email Joy: joybates@leader1.com or log on to http://legacyfinancial.com and request more information. Joy does loans all over the state of Texas.
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