A Special Government Home Renovation Loan Program with Lubbock 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. 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).
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. You can find information on the FHA website located here:
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.
There are Two types of loan programs within Lubbock Texas FHA 203K Renovation Loans. The first is what is called 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. are allowed on a streamline 203K Rehab loan. 2. 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 may allow you much more flexibility in your home purchase or to remodel your existing home.
For more information on renovation or rehabilitation of your home using a Lubbock Texas FHA 203K Renovation 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://lubbockhomemortgageloan.com and request more information.
Joy does loans all over the state of Texas.