Special Government Home Renovation Loan Program using Sunnyvale TX FHA 203K Home Loans.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. 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).
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 Federal Housing Administration callas this FHA Loan program a 203K loan. 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. It is important that you go with a lender that offers in house underwriting and expertise instead of a mortgage broker due to the intricacies of the loan program and to avoid long delays that brokered loans in this niche create.
Sunnyvale TX FHA 203K Home Loans has two types of loan programs. A streamline 203K loan is the first. The dollar amount of improvements is generally lower for a streamline 203K loan, and there can not be any structural improvements on 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 full 203K loan offers the ability for the home owner to renovate or rehab their property including structural improvements, like doing foundation work or adding another room, etc.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan 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 Sunnyvale TX FHA 203K Home Loans or surrounding area please contact Joy Bates, 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 the state of Texas.
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