Prosper TX FHA 203K Renovation Loans l FHA 203K Loans in Prosper Texas

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Mortgage and Lending NMLS # 243437

Our company offers a Special Government Home Renovation Loan Program with Prosper TX FHA 203K Renovation Loans

 

 Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- 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. 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. Visit the FHA website for more information:  

 

 

 

 http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou 

 

 

 

 In order to do this loan program, lenders must be approved by HUD. 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 Prosper TX FHA 203K Renovation 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. Except for basic cosmetics among other things. 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. 

 

 

 

 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 could allow you to remodel your existing home or give you more flexibility in your home purchase. 

 

  For more information on renovation or rehabilitation of your home using Prosper TX FHA 203K Renovation Loans or surrounding area please contact Joy Bates,Senior Mortgage Banker at 817-860-3232, send Joy an email: joybates@leader1.com or log on to our website: http://legacyfinancial.com to request more information.

Joy is certified to do loans all over Texas.

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

Email Us 

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1205 West Abram St. 

Arlington, TX 76013

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