Federal Grant for Home Improvement
Is the Title 1 Loan
the right federal grant for you!
Are you looking for a federal grant for home improvement loan! does your home urgently require necessary light to moderate permanent improvements?
- Sorry to burst in on the information article on this page but I wanted to draw your attention to the information article on the all NEW Weatherization Grants made available to help you improve the energy efficiency of your home.
...back to the original article:-
Let's take a look at the - Title 1 Loan which is under Section 2 of the National Housing Act (12 U.S.C. 1703)
This is a program which is administrated by the Home Mortgage Insurance Division of HUD's office of Housing - the Federal Housing Administration (FHA) - and it could
be just what you need.
There are different types of federal grant for home improvement loans, a common one is provided by the Rural Housing Service and is directed at very low income families, the elderly and disabled, but...
What if, your a city dweller who owns your home but who just can't get the credit you need in your town or city for your home improvement requirements?
The Title 1 Loan helps covers this need... The Federal Housing Association could make it easier for you to get a home improvement loan from a lender who is APPROVED by
HUD - if you and your home meet the requirements.
- Please note: HUD itself does NOT lend money for home or property improvement.
The Title 1 Loan
Does your home require light to moderate home improvements with cost estimates well within the maximum Title 1 Loan amount of $25,000 to improve your single family home?
It's important to remember when assessing your home that a federal grant for home improvement is only for necessary permanent property improvements, not the type that you can pack up and take with you when you move.
However, please also note that improving your safety is high on the agenda of any federal grant for home improvement and fire safety equipment can be included when preparing plans for your Title 1 Loan.
For those people lucky enough to be approved for this program, what happens is that the FHA insures the lender on your behalf against most of the risk of default of the loan.
For those with little of no home equity, the Title 1 can be deal as it enables you to do important alterations and repairs at your home.
Finding the Right Title 1 Lender
You may have heard stories about unscrupulous dealers and contractors who were overcharging at both ends, bad for the program and very bad for the homeowner because the workmanship was usually shoddy, unfortunately these stories are usually true - that is why...
What is important when applying for a Title 1 Loan is that you carefully follow all of the guidelines and ONLY choose an approved Title 1 lender from the HUD list - they have carefully checked and approved lenders who have done work within the last 12 months.
Whenever you find the "right" approved lender in your state, Hud encourages you to work with the lender when choosing a home improvement contractor - your lender will have had experience with contractors who have worked well with the Title 1 program - this will help you avoid contractors who inflate estimates.
It is always a good idea to try to see some work that the proposed contractor has previously completed within the last 12 months and if at all possible also speak to
the homeowners who had improvements done under the same program to see how satisfied they are.
Where to Start
This federal grant for home improvement is a great opportunity for you to improve the health and safety as well as the value of your home.
For more information regarding the Title 1 Loan program visit Title 1 Loan Information, after reading the information there - look again at the first paragraph and click where it says TITLE 1 LENDER - this which will bring you to a page where you can find an approved lender in your state.
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