Does The Government Help With Home Improvement Loans?

moneyYes. Two very popular programs offered by the Department of Housing and Urban Development (HUD) include the Title 1 Home Improvement Loan and the Section 203(k) Program. In the first program, HUD insures the loan up to $25,000 for a single-family house to cover alterations, repairs, and site improvements.

The latter program, which also insures mortgage loans, is HUD’s primary program for the rehabilitation and repair of single-family homes. Loans are also available from the Department of Veteran Affairs to buy, build, or improve a home, as well as refinance an existing loan at interest rates that are usually lower than that on conventional loans. The Rural Housing Repair and Rehabilitation Loan program, funded by the Agriculture Department, offers low-rate loans to low-income rural residents who own and occupy a home in need of repairs.

Funds are also available to improve or modernize a home or to remove health and safety hazards. The federal government isn’t alone in its efforts to provide assistance. Local and state governments offer special home improvement programs. Contact your governor or mayor’s office for more details.

I have recommendations for mortgage brokers who can help you decide which of these loans is the best for you and how much you qualify to borrow.  There are many houses in the Naples area that are well priced but need repairs and renovations, call me today at 239-601-3174 so that we can start you on the track to home ownership.

Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine!

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