Special Government Home Renovation Loan Program with Frisco Texas FHA 203K Home Loans.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. Existing home owners or potential home buyers can remodel and update their homes without having a higher cost second lien because of this FHA loan program.
Items such as a hot tub and a swimming pool are not allowed by this FHA loan program. But you can repaint, replace flooring, remodel cabinetry in kitchens and bathrooms, add wallpaper, replace appliances – even add a room to an existing structure (which can significantly add to value as you increase the square footage of your home).
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 FHA loan program is called a 203K loan by the Federal Housing Administration. For more information, please visit the FHA website:
HUD must approve lenders before they can do this loan program. 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.
There are two types of loan programs within the Frisco Texas FHA 203K Home Loans. 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 are allowed on a streamline 203K Rehab Loan. 2. A full 203K loan. The ability for the home owner to renovate or rehab their property include improvements to structure such as foundation work or adding another room are offered by full 203K loans.
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 Frisco Texas FHA 203K Home Loans and the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on to http://friscohomemortgageloan.com to request more information.
Joy does loans all over the state of Texas.