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FHA Home Improvement Loan

FHA home improvement loans are funds which enable homeowners to fund the remodeling projects they have always wanted to do but simply never seemed to have enough money to do so. This also gives homeowners the opportunity to increase the value of their homes by added conveniences and making their houses more energy efficient. There are several specific improvements that a FHA home improvement loan will fund at attractive interest rates. The Federal Housing Administration website, as well as mortgage and lending companies that offer FHA lending can provide the specific qualifications and lending limits associated with this lending program.

To make getting repairs easier, and to make completing these repairs affordable, the Federal Housing Administration (FHA) has developed a home improvement loan called a Title 1 loan. FHA home improvement loans are not granted or extended by the Federal Government but rather from lending agencies that meet standards set forth by the Housing Administration. The Federal Housing Administration insures the loan for the lending agency, meaning that if a borrower is default on a FHA home improvement loan, the FHA pays the remainder owed to the lending company. Then, the federal government will pursue the defaulter, or homeowner, for repayment of the amount owed. This federal backing enables lenders to offer much lower interest rates as compared to traditional home equity lending programs.

The Title I programs offers funding for improvements that generally will cost $25,000 or less. Such improvements can include flooring upgrades, heating and air conditioning, paint, roof replacements or repairs, electrical wiring, room and garage additions, and much, much more. FHA home improvement loans do not cover swimming pool installations. This program is not only designed to assist homeowners, but the goal of the Housing Administration is also helping to keep neighborhoods in good condition and helping America stay beautiful by making it more affordable to make housing improvements.

Qualifying for an FHA home improvement loan is exciting, and will cost less than most other conventional home loans. It is important to be prudent, however, in all of the decisions concerning borrowing. Keeping the home at a neighborhood market value is wise, by not over-building for the area. God wants us to keep healthy perspectives in all earthly things. He knows we need to have homes to live in, yet we need to make wise, not frivolous decisions with this asset. But, He wants to be the first priority in our lives. "Set your affection on things above, not on things on the earth." (Colossians 3:2)

For more information: http://www.christianet.com/homeloans

1 comments:

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