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

By
Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

A Special Government Home Renovation Loan Program with FHA 203 Renovation Loans offered in Maypearl TX.

 

 The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. Existing home owners or potential home buyers can remodel and update their homes without having a higher cost second lien because of this FHA loan program. 

 

 

 

 However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. 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 FHA loan program is called a 203K loan 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. 

 

 

 

 Two types of loan programs within the Maypearl TX FHA 203K Loans exist. 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. 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 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 Maypearl TX FHA 203K Loans and the surrounding area 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 the state of Texas. 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

1205 West Abram St. 

Arlington, TX 76013

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