Whitesboro TX FHA 203K Renovation Loans l FHA 203K Loans in Whitesboro

By
Mortgage and Lending NMLS # 243437

Special Government Home Renovation Loan Program using Whitesboro TX FHA 203K Renovation Loans

 

 The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. 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. 

 

 

 

 The loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. Repaint, remodel cabinetry in kitchens and bathrooms, add wallpaper, replace appliances and flooring and even a add a room to an existing structure (which will increase the value of the homes square footage). 

 

 

 

 This loan program has many advantages but one of the biggest is that you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, which is a government guarantee loan instead of two separate loans (which are always 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 

 

 

 

 HUD must approve lenders before they can 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. 

 

 

 

Whitesboro TX FHA 203K Renovation 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. But, basic cosmetics, etc. are allowed on a streamline 203K Rehab loan. A Full 203K loan is the second type of a 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. 

 

 

 

 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 Whitesboro TX FHA 203K Renovation Loans and the 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. 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

Email Us 

Google+

1205 West Abram St. 

Arlington, TX 76013

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Texas Grayson County Whitesboro
Groups:
Mortgage Bankers
Outside Blogs
Texas Rocks!
Tags:
whitesboro tx fha 203k renovation loans
fha 203k loans in whitesboro

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
577,590

The Legacy Group

TheLegacyTeam
Ask me a question
*
*
*
*
Spam prevention