FHA 203K Mortgage Loans in Rockwall TX l Rockwall Texas FHA 203K Loan

By
Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

There is a Special Government Home Renovation Loan Program with FHA 203K Mortgage Loans in Rockwall TX

 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). 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. 

 The loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. 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 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. 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 FHA 203K Mortgage Loans in Rockwall TX  1. 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. 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 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  FHA 203K Mortgage Loans in Rockwall TX and the surrounding areas.

Please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.com and request more information.

Joy does loans all over the state of Texas. Send her an email: joybates@leader1.com

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

Email Us 

Google+

1205 West Abram St. 

Arlington, TX 76013

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Texas Rockwall County Rockwall
Groups:
Mortgage Bankers
Addicted to Active Rain
Dallas Real Estate
Dallas, TX Real Estate Professionals
Texas Rocks!
Tags:
fha 203k mortgage loans in rockwall tx
rockwall texas fha 203k loan

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
624,024

The Legacy Group

TheLegacyGroup of CrossCountry Mortgage
Ask me a question
*
*
*
*
Spam prevention