Home Improvement Loan
Two special loans administered through the Federal Housing Administration (FHA) are the Title I and Section 203(k) programs. A Title I loan allows you to borrow up to $25,000 for improvements to a single-family home. These are fixed-rate loans that FHA insures against the risk of default. Loans must be made by an approved Title I lender.
The 203(k) program is not as well known, but if you are looking to purchase a fixer-upper, it is a terrific opportunity. It allows home owners to receive a single, long-term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of the property. To obtain a loan under the 203(k) program, you must use an FHA-approved lending institution. Most mortgage lenders are approved to make loans through this program.
Call us today to learn what repairs you can include in this type of FHA loan!
1810 Springdale Road, Cherry Hill, NJ 08003 ~550 Bridgeton Pike, Mantua, NJ 08051 ~ We serve New Jersey and Delaware Valley region, as well as all 50 states. Some of our specialties are Reverse Mortgages, First-Time Buyers, and 203k Rehab/Renovation Loans, New Jersey HMFA Loans
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