Carrollton TX FHA 203K Loans l FHA 203K Loans in Carrollton Texas

There is a special Government Home Renovation Loan Program using Carrollton TX FHA 203K Loans.
 
 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). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.
 
 
 
 However, this loan program doesn't allow for items in your home such as a swimming pool, hot tub, or other accessories. 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).
 
 
 
 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).
 
 
 
 A 203K Loan is the name of this FHA loan program as defined 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
 
 
 
 Lenders have to be approved by HUD in order to 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 the Carrollton TX FHA 203K Loans. A streamline 203K loan is the first. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure.  Except for basic cosmetics among other things. that are allowed on a streamline 203K Rehab Loan. 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 Carrollton TX FHA 203K Loans or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232, email Joy: joybates@leader1.com or log on to Carrollton TX FHA 203K Loans to request more information. Joy does loans all over the state of Texas.