A Special Government Home Renovation Loan Program with Colleyville Texas FHA 203K Renovation Loans.
The Federal Housing Administration (FHA) offers a special government loan program that a lot of people are not aware of. 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.
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 loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. 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).
The Federal Housing Administration callas this FHA Loan program a 203K loan. For more information, please visit the FHA website:
In order to do this loan program, lenders must be approved by HUD. 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 with Colleyville Texas FHA 203K Renovation Loans. A streamline 203K loan is the first. There can't be any structural improvements on a 203K Streamline loan and the dollar amount is generally lower for a 203K streamline loan. Other than basic cosmetics and various other items. that a streamline 203K Rehab loan allows The second type of 203K loan is called 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.
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 now you can remodel your existing home and have more flexibility in your home purchase.
For more information on renovation or rehabilitation of your home using a Colleyville Texas FHA 203K Renovation Loans or the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or log on tohttp://colleyvillehomemortgageloan.com and request more information.