Government Home Renovation Loan Program with FHA 203K Renovation Loans in Cortez Colorado. There is a special government loan program that is part of the Federal Housing Administration (FHA)- a department within HUD. A home buyer or existing home owner can remodel or update their 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. You can repaint, remodel cabinetry in kitchens and bathrooms, replace appliances and flooring, add wallpaper, or even add a room to an existing structure (which will increase the value of your home because of more square footage).
The biggest advantage with this government loan program is that instead of having two higher interest loans, you can combine your primary mortgage and your rehab costs into one low government loan and interest rate. The name of this FHA loan program as defined by the Federal Housing Administration is a 203K loan. For more information, please visit the FHA website: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
Lenders have to be approved by HUD in order to do this loan program. To avoid delays, 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. Two types of loan programs within the 203K Renovation Loan for Cortez CO exist.
The first is what is called a streamline 203K loan. With a Streamline 203K loan, there can't be any structural improvements and the dollar amount is generally lower for a 203K streamline loan. Only basic cosmetic repairs are allowed with a Streamline 203K loan. Items such as painting, plumbing, electrical, and flooring are allowed.
The second type is a Full 203K loan. A full 203K loan offers structural improvements like adding another room or doing foundation work and you can also do rehab or renovate your current property. Envision new carpeting, paint, a remodeled kitchen or bathrooms and lighting when looking for your new home.Now you can have the home of your dreams which will allow you much more flexibility in remodeling or in your home purchase.
For more information on renovation or rehabilitation of your home using a FHA 203K Renovation Loan for Cortez Colorado or surrounding areas please contact RJ Baxter, Senior Mortgage Banker at 303-670-0137 or log on to http://www.cohomesandloans.com and request more information. RJ does loans all over the state of Colorado.
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