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FHA Title 1
Home Improvement Loan

To make it easier for consumers to obtain affordable home improvement loans, the Federal Housing Administration (FHA), established the FHA Title 1 loan guarantee program.  This FHA insured home improvement loan program is a Second Mortgage that allows for loans up to $25,000 without any equity in the home.  Yes, that's correct! An approved homeowner can receive up to $25,000 above and beyond the appraised value of their home. 

The Title 1 home improvement loan option can be much more effective than a traditional Home Equity Loan or the more restrictive conventional Refinance program. Whether you're in Mississippi or you make your home in Tennessee, you really should consider the benefits of the FHA title 1 program. Want to learn more about this FHA insured home improvement loan? Give us a call today or just use our no obligation Quick Mortgage Application!

FHA Home Improvement Loan Defined

The Title 1 Home Improvement Loan program, insured by FHA, is designed to give homeowners from California to North Carolina the ability to finance the rehabilitation of a property; make improvements to a property; as well as the Construction of non-residential buildings on a owner occupied parcel of land.  Under the title one program, the amount financed can be used for either a single or multi-family property, and can have repayment terms of up to 20 years. 

More specifically, the amount a homeowner can borrow under this FHA Loan program is determined by the estimated value of the property after the improvements have been made. This offers homeowners a great opportunity to maximize living space within their existing home without the unnecessary costs associated with a construction loan or having to move. To learn more, give us a call today or use our Quick Mortgage Application to inquire about the Title 1 FHA home improvement loan program.

Multi-Family Home Improvements

When improving a multi-family structure, at least one unit must be occupied as a primary residence by the borrower.  Under the Title 1 FHA loan program for multi-family structures the maximum loan amount is $12,000 per family unit and has a total combined amount a homeowner can borrow that cannot exceed $60,000 for the entire structure. We do home improvement loans for multi-family units in every state we're HUD approved including; Alabama and Missouri! Why not give us a call about your Multi-Family property today. Call now, or use our Quick Mortgage Application to have a mortgage professional contact you at a more convenient time!

Other Home Improvement Loan
Qualification Requirements

Under the FHA program guidelines, eligible borrowers include:

  • The owner of the property to be improved
  • Any person leasing the property
  • The lease must extend at least six months beyond the date the loan will be fully repaid
  • Individuals purchasing property under a land installment agreement. 

With the FHA Home Improvement Loan, a/k/a Title 1, funds may be used to finance permanent improvements to a property that are designed to improve or protect the livability or utility of the property.  This includes Mobile Homes with land, single-family homes and multi-family homes. 

If you're interested in finding out if the FHA Title 1 Home Improvement program is a good fit for your project plans, just give us a call today!  Simply complete our online Quick Mortgage Application!

 

 


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