Special Government Home Renovation Loan Program with Fannie Mae Home style Renovation Loans in Frisco TX.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. 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.
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).
A 203K Loan is the name of this FHA loan program as defined by the Federal Housing Administration. Visit the FHA website for more information:
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.
Fannie Mae Home style Renovation Loans in Frisco TX has two types of loan programs. 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. Except for basic cosmetics among other things. are allowed on a streamline 203K Rehab loan. 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. 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 Fannie Mae Home style Renovation Loans in Frisco 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 and request more information. Joy does loans all over the state of Texas.
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