Use the Special Government Home Renovation Loan Program, the FHA 203K Renovation Loan available in Craig Colorado. This article will explain the little-known special government loan program that is part of FHA (Federal Housing Administration- a department within HUD).
Thanks to this special FHA loan program, a buyer or home owner can do meaningful amounts of remodeling or updates to their new or existing home without the higher cost of a second mortgage. "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. This FHA loan program is called a 203K loan, as defined by the Federal Housing Administration.
For more information, please visit theFHA 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. 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. Using a broker can cause unnecessary delays in the process.
Two types of loan programs within the 203K Renovation Loan for Craig CO exist. The first is what is called 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. Only basic cosmetic repairs are allowed with a Streamline 203K loan. These are items such as painting, plumbing, electrical, and flooring. A Full 203K loan is the second type of a 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. 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 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 a FHA 203K Renovation Loan for Craig 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.
Comments (0)Subscribe to CommentsComment