Get a Special Government Home Renovation Loan Program with FHA 203K Loans in Duncanville TX.
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.
The loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.
Many advantages exist with this government loan program but the biggest is the ability to have all of your acquisition or refinance loan together with your improve loan in one low interest rate instead of two separate governments loans that are always of higher interest rates.
A 203K Loan is the name of this FHA loan program as defined by the Federal Housing Administration.
HUD must approve lenders before they can do this loan program. Due to the intricacies of the loan program, you must go with an experienced lender that offers in house underwriting instead of a mortgage broker so that you can avoid the long delays that brokered loans in this niche sometimes create.
Two types of loan programs within the FHA 203K Loans in Duncanville TX exist. A streamline 203K loan is the first. 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. Other than basic cosmetics and various other items. 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.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan now you can remodel your existing home and have more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using FHA 203K Loans in Duncanville TX and the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.com and request more information. Joy does loans all over the state of Texas. Email her: joybates@leader1.com.
Comments(0)