Pittsfield, MA -- (SBWIRE) -- 05/24/2013 -- The homeowner to whom these things happen will need to look into loans for home improvements, but where and how? Real-estate-yogi.com is here to answer these questions by supplying some suggestions, such as:
- Traditional Lenders
- HUD Assistance
- MassHousing Department Help
- FHA Title 1 Aid
A homeowner seeking personal loans for home improvements should meet with his lender to see which ones he qualifies for. There are several possibilities, such as a home equity loan. If one has owned his house for many years, he’ll be able to get a home equity loan to cover the expense of his improvement projects. He could also look at a cash-out mortgage refinance loan. This is a second mortgage that allows him to borrow more than he actually needs. Talk with a local lender to apply for these loans.
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HUD Help for Home Improvement
The Department of Housing and Urban Development (HUD) has several programs of loans for home improvement to help people. One is the Section 203k program. This is HUD’s primary plan for rehabilitating and repairing of single-unit houses. As such, it helps improve communities and expands homeownership opportunities. This program can be applied for through participating lenders. The lenders finance the loans, and HUD insures them, keeping the process simple.
In Massachusetts, MassHousing provides the Home Improvement Loan Program (HILP). This loan program for home improvement can be accessed through participating lenders. Some of its benefits are a low interest rate (5%), loan amounts from $7,500 to $50,000, and terms of 5 to 15 years. To qualify for a HILP loan, one has to meet income specifications, the home must be his primary residence for at least a year, and he must have a good income source and credit rating. Other restrictions apply; ask a lender.
Title 1 FHA Help
The FHA Title 1 loan program insures loans for home improvements of up to $25,000 with no equity in the home. This means that the loan can be more than the value of the house. This program helps people with the light to moderate rehabilitation of a house and for buildings such as sheds on the grounds of the property. The program can be utilized for up to 20 years on multi- or single-family buildings. Apply with a participating lender.
http://www.real-estate-yogi.com is a respected, no-cost website located in Pitts field, MA that helps property owners get the fiscal and home improvement advice they need by linking them to experts in the field. For a free initial conference, dial 800-987-1397, any time of day or night.