The government is offering a special Home Renovation Loan Program with FHA 203K Rehabilitation Loans for Fort Worth, Texas
Many are not aware of a special government loan program that is actually a part of FHA (Federal Housing Administration- a department within HUD). Existing home owners or potential home buyers can remodel and update their homes without having a higher cost second lien because of this FHA loan program.
This loan program does not allow for itemsdefined as a swimming pool or hot tub, etc. 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).
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 FHA loan program is called a 203K loan by the Federal Housing Administration. You can find information on the FHA website located here:
HUD must approve lenders before they can do this loan program. 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.
Two types of loan programs within the FHA 203K Rehabilitation Loans for Fort Worth Texas exist. 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. Except for basic cosmetics among other things. are allowed on a streamline 203K Rehab loan.
A Full 203K loan is the second type of a 203K loan. The ability for the home owner to renovate or rehab their property include improvements to structure such as foundation work or adding another room are offered by full 203K loans.
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 FHA 203K Rehabilitation Loans for Fort Worth, Texas please contact Joy Bates, our Senior Mortgage Banker at 817-860-3232 or log on to http://legacyfinancial.comto request more information. Joy may also be reached via email: Joylynn.Bates@myccmortgage.com.
Joy does loans all over the state of Texas.