A Special Government Home Renovation Loan Program with FHA 203k Loans in Bedford TX.
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). Existing home owners or potential home buyers can remodel and update their homes without having a higher cost second lien because of this FHA loan program.
The loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. 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).
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
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.
Two types of loan programs within the FHA 203k Loans in Bedford TX exist. A streamline 203K loan is the first. The dollar amount of improvements is generally lower for a streamline 203K loan, and there can not be any structural improvements on a 203K Streamline loan. Except for basic cosmetics among other things. that a streamline 203K Rehab loan allows 2. A full 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 which could allow you to remodel your existing home or give you more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using FHA 203k Loans in Bedford TX 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.
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