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December 23rd, 2013

8: A home improvement loan with no home equity?

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iStock_Blue PrintsNumber eight on our top-10 list for 2013 is “A home improvement loan with no home equity?” This article is yet another “oldie but goodie.” When it was written in 2010, homeowners across the U.S. were dealing with a home-equity crisis. The downturn in home prices had stripped out thousands of dollars in home equity, even to a point where many homeowners had negative equity.

Home equity is a very important thing for homeowners. Home equity allows you to leverage the money you’ve paid into your home towards a loan that could allow you to pay for any number of things—from home improvement projects to a college education.

But how could a homeowner with little to no equity get money for home improvements?

Excerpt:

FHA Offers Two Options for Funding Home Improvements

You might know that the Federal Housing Administration (FHA) can help you fund your home renovations, from room additions to smaller maintenance projects. Of course, the best FHA loan program for you depends on your situation and your needs. You can choose the “FHA 203(k)” mortgage for larger projects — buying a fixer-upper or refinancing your home while also funding a home improvement. Another option is FHA’s “Title 1″ loan, which allows you to finance your smaller renovation and isn’t tied to a refinance or home purchase. For either of these loans, you need to go to an FHA-approved mortgage lender.

Be sure to read “A home improvement loan with no home equity?” in its entirety.

Previous:

10: Buying a new home when you haven’t sold the old one

9: Prepaid items vs. closing costs—what’s the difference?

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One Response to “8: A home improvement loan with no home equity?”

  1. Financing your home improvement – What are your options? | Great Home Says: January 1st, 2014 at 11:07 am

    [...] best option according to your payment ability.Finance (Photo credit: Tax Credits)Related articles8: A home improvement loan with no home equity? (hsh.com)Thinking About Home Improvements? Don’t Disregard Asbestos. [...]

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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