Special Government Rehab Program- FHA 203K Rehab Loans in Denver CO. 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. You are not allowed to finance "Luxury items" such as a hot tub or swimming pool through this FHA loan program. Items such as remodeling cabinetry in kitchens and bathrooms, painting, adding wallpaper, replacing appliances and flooring, or even adding a room to an existing structure (which will increase the value of the homes square footage) are allowed.
Many advantages exist with this government loan program but the biggest is the ability to have all of your acquisition or refinance loans together with your improvement loan in one low interest rate instead of two separate governments loans that are always of higher interest rates.
This FHA loan program is called a 203K loan, 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.
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 Watauga TX FHA 203K Loans 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. These are items such as painting, plumbing, electrical, and flooring.
A Full 203K loan is the second type of a 203K loan. With a Full 203K loan you can do 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. 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 Watauga TX FHA 203K Loans or surrounding areas please contact Joy Bates, our Senior Mortgage Banker at 817-860-3232, email Joy: joybates@leader1.com or log on to http://legacyfinancial.com to request more information. Joy does loans all over Texas.
Comments(0)