We offer a Special Government Home Renovation Loan Program that uses a Seagoville TX FHA 203K Loans.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. 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.
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. 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.
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. You can find information on the FHA website located here:
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. 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.
Two types of loan programs within the Seagoville TX FHA 203K Loans exist. 1. A streamline 203K loan. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure. But, basic cosmetics, etc. are allowed on a streamline 203K Rehab loan. A Full 203K loan is the second type of a 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 Seagoville TX FHA 203K Loans and the surrounding areas please contact Joy Bates , Senior Mortgage Banker at 817-860-3232, feel free to email Joy: joybates@leader1.com or log on to http://legacyfinancial.com to request more information. Joy does loans all over the state of Texas.
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