What you Need to Know about FHA Title 1 Loan?
FHA Home Improvement Loan Without Equity
You could think of applying for FHA Title 1 loan for replacing your house’s roof, to fix problems with its foundation or for constructing new bathroom in your home. We can assist you in getting approved for a solution despite your house not having sufficient equity. Take advantage of our cost-free specialist services online to get started with your task.
How Can a FHA Title 1 Home Improvement Loan Be Used?
The HUD/FHA provides, what are popularly known as FHA title 1 loan program, for carrying out the desired improvements in homes for enhancing their market values. Nevertheless, such loans cannot be sued for purchasing new houses or building fireplaces or constructing swimming pools in homes. But the fund proceeds can be used for buying refrigerators, freezers, dishwashers and even built-in ovens.
In addition, if you have some disability, you can use FHA title 1 loan to remodel existing bathrooms in a manner that facilitates easy mobility with a wheel chair. You can even utilize the funds for widening doors or installing exterior ramps so that home becomes more liveable. All enhancements must be permanent and you can do them by yourself or by hiring a contractor.
Know The FHA Title 1 Loan Requirements
To apply for FHA title 1 loan refinance program, you need to meet some basic qualification criteria. Besides, such type of a loan can be only used for undertaking home repairs or renovations meaning thereby that you could be able to borrow money within specified limits. Importantly, FHA Title 1 loans will serve as subordinate liens to existing primary home mortgages. Some other eligibility requirements may be as mentioned below.
Check Your Eligibility For The FHA Home Improvement Loan
To obtain an early approval for FHA title 1 manufactured home loan, borrower must meet the following qualification criteria.