Want to add a new bathroom to your home this summer? Maybe it’s time to replace that 20-year-old roof. Or maybe a sagging foundation needs shoring.
Unfortunately, remodeling and home renovations are expensive. How will you pay for the work?
Many homeowners in this situation will opt for a home equity loan to fund repairs or improvements. But what if you lack home equity? Maybe you’re underwater on your mortgage? Or perhaps you have a manufactured home or a house on leased land,
which doesn’t qualify as real estate?
You might find help through a HUD/FHA Title 1 home-improvement loan . Unlike home equity loans or lines of credit, the Title 1 program doesn’t require you to have built up any equity in your home.
The no-equity problem
Through the FHA Title 1 home improvement loan program, homeowners can qualify for renovation loans of up to $25,000, without worrying about