A Special Government FHA 203K Renovation Loan for Humble TX
Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- 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 FHA loan program.
The loan program does not allow for “luxury items” which are defined as items like a swimming pool or hot tub, etc. 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.
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 Federal Housing Administration callas this FHA Loan program a 203K loan. Visit the FHA website for more information:
HUD must approve lenders before they can 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.
FHA 203K Renovation Loan for Humble Texas has two types of loan programs. The first is what is called a streamline 203K loan. The dollar amount of improvements is generally lower for a streamline 203K loan, and there can not be any structural improvements on a 203K Streamline loan. But, basic cosmetics, etc. that a streamline 203K Rehab loan allows A Full 203K loan is the second type of a 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 a FHA 203K Renovation Loan for Humble Texas or the surrounding area please contact Joy Bates , Senior Mortgage Banker at 817-860-3232 or 1-888-860-3232 or log on to http://houstonhomemortgageloan.com and request more information. Joy does loans all over the state of Texas.