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FHA 203k Home Loans in Cedar Hill TX l Cedar Hill Texas FHA 203k Loans

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

Special Government Home Renovation Loan Program using FHA 203k Home Loans in Cedar Hill TX

 

 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. 

 

 

 

 "Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms. 

 

 

 

 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). 

 

 

 

 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

 

 

 

 HUD must approve lenders before they can 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. 

 

 

 

 FHA 203k Home Loans in Cedar Hill TX has two types of loan programs. 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 a streamline 203K Rehab loan allows The second type of 203K loan is called a Full 203K loan. A full 203K loan offers 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. 

 

 

 

 Now you can have the home of your dreams- so when looking for a home- you can envision new carpeting, paint, lighting, remodeled kitchen or bathrooms, etc. 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 FHA 203k Home Loans in Cedar Hill 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. 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

1205 West Abram St. 

Arlington, TX 76013

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