Special Government Home Renovation Loan Program with Las Colinas FHA 203k Renovation 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). 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.
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).
One of the biggest advantages to this government loan program is you have all of your acquisition or refinance loan with your improvement loan in one low interest rate, government guaranteed loan instead of two loans- including a first and a second lien loan (which is always at a higher interest rate).
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
Lenders have to be approved by HUD in order to do this loan program. 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.
There are two types of loan programs within the Las Colinas FHA 203k Renovation Loans. 1. A streamline 203K loan. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure. Other than basic cosmetics and various other items. that a streamline 203K Rehab loan allows 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.
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 Las Colinas FHA 203k Renovation Loans or surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or 1-888-860-3232 or log on to http://colleyvillehomemortgageloan.com and request more information. Joy does loans all over the state of Texas.
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