There is a Special Government Home Renovation Loan Program using Waco Texas FHA 203k 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). 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.
However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. 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.
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 Federal Housing Administration callas this FHA Loan program a 203K loan. 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.
There are two types of loan programs within the Waco Texas FHA 203k Loans. 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. 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 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 Waco Texas FHA 203k 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.
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