Program Description
The Federal Housing Administration (FHA) makes it easier for
consumers to obtain affordable home improvement loans by insuring loans made
by private lenders to improve properties that meet certain requirements.
This is one of HUD's most frequently used loan insurance products--by the
end of fiscal year (FY) 1996, it had insured almost 35 million loans
totaling $43.6 billion.
General Program Requirements
Eligible borrowers include the owner of the property to be
improved, the person leasing the property (provided that the lease will
extend at least 6 months beyond the date when the loan must be repaid), or
someone purchasing the property under a land installment
contract.
Loan Terms
Market Interest rate with variable Upfront Fees and no Pre-payment
penalties. Maximum Length of Loan 20 years. Maximum Loan Amount $25,000 for
one property, up to $60,000 for multiple units. Monthly Payment
Frequency.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
Contact HUD at 800-767-7468 for a program brochure #2651 and list
of lenders.
For more information about this program, please
visit:
http://www.hud.gov/offices/hsg/sfh/title/title-i.cfm
Managing Agency
U.S. Department of Housing and Urban Development
http://www.hud.gov/
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