Special Government Home Renovation Loan Program with Peaster TX FHA 203K Renovation Loans. This article will explain the little-known special government loan program that is part of FHA (Federal Housing Administration- 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. "Luxury items" such as a hot tub or a swimming pool are not allowed with this FHA loan program.
You can repaint, remodel cabinetry in kitchens and bathrooms, replace appliances and flooring, add wallpaper, or even add a room to an existing structure (which will increase the value of your home because of more square footage).
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. 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 203K Renovation Loan program for Peaser 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.
These are items such as painting, plumbing, electrical, and flooring. 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 and you can also do rehab or renovate your current property.
Envision new carpeting, paint, a remodeled kitchen or bathrooms and lighting when looking for your new home. Now you can have the home of your dreams which will allow you much more flexibility in remodeling or in your home purchase.
For more information on renovation or rehabilitation of your home using Peaster TX FHA 203K Renovation Loans or surrounding areas please contact Joy Bates, Senior Mortgage Banker at 817-860-3232 or visit our website at http://legayfinancial.com to request more information. Joy does loans all over the state of Texas.
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