We offer a Special Government Home Renovation loan
PROGRAM with FHA203k RenovationLOANfor Temple Texas.
Many people are not aware of a special governmentLOAN programthat is part of the Federal Housing Administration orFHA(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 FHALOAN program
"Luxury items" like a hot tub and a swimming pool are not allowed by this FHALOAN PROGRAM. 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).
This loan programhas many advantages but one of the biggest is that you have all of your acquisition orREFINANCE 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).
TheFHALOAN PROGRAM is called a 203KLOAN by the Federal Housing Administration. Visit theFHA website for more information:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
Lenders have to be approved by HUD in order to do thisLOAN program It is important that you go with aLENDER that offers in house underwriting and expertise instead of a mortgage broker due to the intricacies of theLOANPROGRAM and to avoid long delays that brokered loans in this niche create.
FHA203k Renovation Loan for Temple Texas has two types of loanPROGRAMS. 1. A streamline 203K loan. There can't be any structural improvements on a 203K StreamlineLOAN and the dollar amount is generally lower for a 203K streamline loan. Except for basic cosmetics among other things. that are allowed on a streamline 203K Rehab Loan. 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.
Now you can have the home of your dreams- so when looking for a home- you can envision new carpeting, paint, lighting, remodeled kitchen or bathrooms, etc. which may allow you much more flexibility in your home purchase or to remodel yourEXISTING home.
FOR MORE INFORMATION on renovation or rehabilitation of your home using FHA203k RenovationLoan for Temple Texas 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 doesLOANS all over the state of Texas.
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