A Special Government Home Renovation Loan Program with FHA 203 Renovation Loans offered in Dallas 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 "luxury items" 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).
One of the biggest advantages to this government loan program is you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, government guaranteed loan instead of two loans- including a first and a second lien loan (which is always at a higher interest rate).
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.
There are two types of loan programs within the Dallas Texas FHA 203K Renovation Loans. 1. A streamline 203K loan. There can't be any structural improvements on a 203K Streamline loan and the dollar amount is generally lower for a 203K streamline loan. Except for basic cosmetics among other things. are allowed on a streamline 203K Rehab loan. 2. A full 203K loan. The ability for the home owner to renovate or rehab their property include improvements to structure such as foundation work or adding another room are offered by full 203K loans.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan which may allow 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 Dallas Texas FHA 203K Renovation Loans 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 to request more information. Joy does loans all over the state of Texas.
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