Use the Special Government Rehab Program that we offer for Farmers Branch FHA 203K Rehab Loans. There is a special government loan program that is part of the Federal Housing Administration (FHA)- 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 like a hot tub or a swimming pool are not allowed with 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.
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.
A 203K Loan is the name of this FHA loan program 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.
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. Using a broker can cause unnecessary delays in the process. Two types of loan programs within the Farmers Branch FHA 203K Rehab Loans exist. The first is what is called a streamline 203K loan. With a Streamline 203K loan, there can't be any structural improvements and the dollar amount is generally lower 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 Farmers Branch FHA 203K Rehab Loans and the surrounding areas please contact our Senior Mortgage Banker Joy Bates at 817-860-3232, send her an email: 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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