Special Government Home Renovation Loan Program using Allen TX 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). 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.
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).
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 FHA loan program is called a 203K loan by the Federal Housing Administration. You can find information on the FHA website located here:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
In order to do this loan program, lenders must be approved by HUD. 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.
Allen TX FHA 203k Loans has two types of loan programs. The first is what is called a streamline 203K loan. 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. But, basic cosmetics, etc. 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 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 Allen TX 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 and request more information. Joy does loans all over the state of Texas.
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