A Special Government Home Renovation Loan Program with Tyler TX Home 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.
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHA loan program. 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).
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:
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.
Tyler TX Home Loans has two types of loan programs. 1. A streamline 203K loan. 203K streamline loans tend to have lower dollar amounts and you can not make any improvements on structure. Except for basic cosmetics among other things. that are allowed on a streamline 203K Rehab Loan. The second type of 203K loan is called a Full 203K loan. The full 203K loan offers the ability for the home owner to renovate or rehab their property including structural improvements, like doing foundation work or adding another room, etc.
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 could allow you to remodel your existing home or give you more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using Tyler TX Home 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://austinhomemortgageloan.com and request more information. Joy does loans all over the state of Texas.