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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