The Federal Housing Administration (FHA) of the United States offers homeowners different programs that enable them get access loans and financing with ease. One of such programs is the FHA Title 1 program.
This is program that enables you to access home improvement loan up to $25,000, if you have no equity. It is designed for improving single family units or building nonresidential structure. For a multifamily unit, the loan amount you would be entitled to is $12,000 per family unit. The maximum that can be granted you with this multiple unit option is $60,000.
Remember, the FHA on its own does not issue loans directly to homeowners but it can insure loan requirement for you. Thus, after satisfactorily insuring your loan, the bank or lending company can now issue the funds or loans to you.
The FHA home improvement loan program - FHA Title 1 if approved for you, can be repaid in a period of 20 years. This applies to single or multiple family unit properties.
Homeowners and buyers of properties under land installment contract are eligible for the FHA Title 1 home improvement loan. Your poor equity or no equity would not hinder you from receiving this loan. Moreover, lessors having lease properties extending beyond six months after the repayment date is entitled to this loan.
You can contact the FHA for further details on this home improvement loan. It is another cheap way to get your home improvement loan. Why not go for it and make your home more comfortable?
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