When you think of getting loans to improve your home then you can consider the Federal Housing Administration (FHA) in the US. It is a subsidiary of the Department of Housing and Urban Development - a government agency that specializes in providing homeowners with home improvement loans of various kinds.
The FHA guarantees different kinds of home improvement loans for home owners to access. This is often accomplished in partnership with approved lending organizations like banks. As a result, the FHA does not give out cash rather it guarantees the loan an approved lender will provide for you.
You must satisfy the eligibility requirements both from the lender and the unit of FHA in charge of issuing such loans. Never bother much about whether you can qualify for this loan because the FHA will provide you with eligibility requirements.
Nonetheless, you can obtain FHA home improvement loan with or without your home equity. Also, if you have bad credit history, it may not stop you from getting approval for this loan.
Some of the home improvement loans programs you can go for include: Title 1 programs, 203k programs and home improvement loans for Indians and Alaskans, etc. Details of the various programs can be accessed from www.hud.gov/fha
The amount approved for you as FHA home improvement loan can be used for many purposes which may include: renovations, rehabilitation, or total reconstruction of part or your entire home. Hence, you can use the funds to utterly alter the look and worth or your home for good.
FHA home improvement loans can really help you to improve your accommodation!
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