Home / Loans / Some Great Home Improvement Loan Options That Are Often Forgotten About
There are many different kinds of specific loans you may be able to qualify for depending upon your past life experience. Generally, interest rates are cheap right now so it usually makes sense to borrow money for most major home projects. Home repairs are often expensive projects that almost always require some sort of financing. A lot of people need to finance home upgrades but they may not be aware of all their options. Here are a few of the programs you could qualify for:
FHA Home Improvement Funds: The Title 1 home improvement loan program from The US Department of Housing and Urban Development is one of the most widely available kinds of home improvement lending options. Despite what you may know, the US government does not give out Title 1 funds themselves. Banks give out Federal Housing Administration Title 1 home improvement loans because they are guaranteed by the government and they have relatively few eligibility requirements.
Local County Home Improvement Grants: Depending upon where you live, your town may offer a home repair grant program. Some towns try to encourage neighborhood pride and raise home values by offering citizens low interest loans for home repairs. Regional home improvement financing programs are popular in cities and economically hurt areas. Remember to look at all the different organizations of your local government offices including your township or city, your county or parish and even your home state.
Veteran Affairs Home Improvement Loans: Like the FHA loans, VA home improvement loans are given out by banks and not the US government. VA home repair loans often have attractive interest rates and some lower amount loans don?t require a property assessment. To qualify for a VA home improvement program you must be a veteran or a spouse of a veteran.
Of course not everyone can be approved for every available home improvement loan program. These specialized home improvement loan options are available to only a small group of people. Regular home remodeling loan programs often cannot beat the interest rates and terms of these particular financing programs.
Need to learn more about how you can afford large home improvements? Those are just some of the many home improvement loan options and programs available today. If your home needs to be repaired you owe it to yourself to look into all your choices.
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