Special Government Home Renovation Loan Program with Hurst Texas FHA 203k 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. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.
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 Federal Housing Administration callas this FHA Loan program a 203K loan. Visit the FHA website for more information:
Lenders have to be approved by HUD in order to 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.
Hurst Texas FHA 203k Loans has two types of loan programs. A streamline 203K loan is the first. 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. 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.
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 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 Hurst Texas FHA 203k Loans and the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or email Joy: firstname.lastname@example.org or log on to http://legacyfinancial.com and request more information. Joy does loans all over the state of Texas.