Home Improvement Loans For Non Homeowners

by Amanda Maseko

Many of you know there comes a time when your house will need some improvement. Of course new homes won’t need this or even those that have been built by the owner but as homes age they need a little care and attention to keep them looking good.

As the vast majority of people do not like to carry out home remodeling themselves it means that cost will go up. This will not be a problem if you like home remodeling and can happily sit and watch the home makeover programs that are full of designs and ideas. A great place to look for design and decorating ideas is at a new housing development while you look around all the new homes they are selling.

I imagine you would already have an idea of how you would pay for it but if you had no idea, FHA has a home improvement loan and you should seriously consider this because this could be an answer to your prayers. The great thing about loans that are arranged through the Federal Housing Association is they are only available for home improvements and also come with the benefit of not requiring the property to have any equity which means almost anyone is eligible and they are willing to fund up to 25,000 dollars of the work.

There is a reasonable amount of flexibility in how these loans are used and providing no major alterations are made to the property or any residential buildings built on the land, there won’t be a problem. For homeowners that have started small projects in the past but never finished the work, these can now be completed without worrying about how much equity is in their home.

You must not expect to receive the full 25,000 dollars as this is not guaranteed but the loans can however, be used for properties that house multiple families just as they can for single family occupancy. With all the financial worries in housing and mortgages that are circulating you will happy to learn that these home improvement loans are calculated at a fixed rate of interest. If every story about the housing industry were to be believed, no-one would ever buy a home but fortunately much of this is just to scare people.

Although the information may be to create and effect, you would still be wise to listen to the news and read papers and make your own mind up about how much truth is there. Never forget that many people have come out of a situation badly when they did not have enough information but rarely does that happen when they have a great deal of knowledge. Whether your home remodeling project gets to move forward will depend on how much information you learn about FHA loans.

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