A Special Government Home Renovation Loan Program with College Hill 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). This FHA loan program allows the buyer or existing owner of a home to do significant amounts of remodeling or updating to their home without a higher cost second lien.
However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. 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).
Many advantages exist with this government loan program but the biggest is the ability to have all of your acquisition or refinance loan together with your improve loan in one low interest rate instead of two separate governments loans that are always of higher interest rates.
The Federal Housing Administration callas this FHA Loan program a 203K loan. 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. 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.
Two types of loan programs within the College Hill, TX FHA 203k Loans exist. 1. 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.
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 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 College Hill, 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
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