Special Government Home Renovation Loan Program using Rockwall Texas FHA 203k Rehab Loans.
Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- 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. Repaint, remodel cabinetry in kitchens and bathrooms, add wallpaper, replace appliances and flooring and even a add a room to an existing structure (which will increase the value of the homes square footage).
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 Federal Housing Administration callas this FHA Loan program a 203K loan. 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. 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 Rockwall Texas FHA 203k Rehab Loans exist. The first is what is called 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. Other than basic cosmetics and various other items. that are allowed on a streamline 203K Rehab Loan. A Full 203K loan is the second type of a 203K loan. The full 203K loan offers the ability for the home owner to renovate or rehab their property including structural improvements, like doing foundation work or adding another room, etc.
You can envision new carpeting, paint, a remodeled kitchen or bathrooms and lighting when looking for your new home and have the home of your dreams 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 Rockwall Texas FHA 203k Rehab Loans and the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or 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.
Comments(0)