Special Government Home Renovation Loan Program with Sealy TX FHA 203k Rehab Loans.
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. 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 FHA loan program is called a 203K loan by the Federal Housing Administration. You can find information on the FHA website located here:
HUD must approve lenders before they can do this loan program. 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 Sealy TX FHA 203k Rehab Loans exist. 1. A streamline 203K loan. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure. But, basic cosmetics, etc. that are allowed on a streamline 203K Rehab Loan. 2. A full 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.
When looking for your dream home you can envision a remodeled kitchen and bathrooms, new carpeting, lighting and paint with this Full 203K loan 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 Sealy TX FHA 203k Rehab Loans or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232, email Joy: email@example.com or log on to http://legacyfinancial.com to request more information. Joy does loans all over the state of Texas.