Home Improvement Loans
Rates, terms and conditions are subject to change and may vary based on creditworthiness and qualifications. All loans subject to approval; some closing costs may apply. The APR for $10K, 10 years, 4.75% loan rate with closing costs would be 4.94% APR. Application must be received by April 30, 2019.
FHA Title I Home Improvement Loans
For home improvement projects or a new mobile home purchase, FHA Title 1 Loans are available. These are federally insured by the Department of Housing and Urban Development (HUD) and provide financing for almost any home improvement. Financing for up to $25,000 and flexible repayment terms without equity guidelines.
What is FHA or HUD loans?
As with any government program, there are a few acronyms and a bit of bureaucracy built into FHA Title 1 Loans. Here are some quick facts to help clear up any confusion:
- The Federal Housing Administration, or FHA, is a part of the U.S. Department of Housing and Urban Development, or HUD.
- Neither HUD nor the FHA offers loans; instead, they insure private lenders against losses from loan defaults. That encourages lenders to make FHA loans.
- FHA loans are intended to help people of modest financial means to buy and improve their homes. They are not for luxury homes or fancy upgrades like pools and outdoor fireplaces.