There is a Special Government Home Renovation Loan Program with Mansfield Texas FHA 203k Rehab Loans.
Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA(a department within HUD). 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.
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 Federal Housing Administration callas this FHA Loan program a 203K loan. For more information, please visit the FHA website:
http://portal.hud.gov/hudportal/HUD
Lenders have to be approved by HUD in order to 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.
There are two types of loan programs within the Mansfield Texas FHA 203k Rehab Loans. The first is what is called a streamline 203K loan. 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. Except for basic cosmetics among other things. that a streamline 203K Rehab loan allows 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 Mansfield Texas FHA 203k Rehab Loans and the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or 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.
Comments (0)Subscribe to CommentsComment