FHA Home Improvement Loan
This FHA Home Loan grants affordable easy home improvement loans reaching a maximum $25,000. Benefactors are not required to have equity in the home and can exceed the value of the home. To qualify the borrower must be the owner of the property set for improvement, an individual leasing the property for which the lease runs for at least 6 months after proposed loan repayment period. Individuals purchasing the home using land installment contract also qualify.
Title 1 loans as these are generally called can be applied towards financing a permanent rehabilitation to heighten the value of the property. Properties for which the FHA home loan can be used include single-family, multifamily homes, non-residential, historic homes.
The FHA home loan insures the loan to finance the light to mid-scale improvement of property or the construction of nonresidential building on the property. The program insures the loans up to 20 years on either single or multi family properties. For multifamily structures, the highest loan amount is $12,000 per family unit while the total cannot exceed $60,000 for the entire building.
The FHA home loans are fixed-rate loans.
Learn more about FHA loans and how you may qualify. Texas FHA Loans has tons of resources for you.
