A Special Government Home Renovation Loan Program with Justin TX FHA 203k Home Loans.
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.
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. 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. For more information, please visit the FHA website:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
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.
There are two types of loan programs within the Justin TX FHA 203k Home Loans. A streamline 203K loan is the first. There can't be any structural improvements on a 203K Streamline loan and the dollar amount is generally lower for a 203K streamline loan. But, basic cosmetics, etc. that a streamline 203K Rehab loan allows The second type of 203K loan is called 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.
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 Justin TX FHA 203k Home 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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