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Mortgage Loans Debt
Platinum Boarder |
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Property Improvement Loan Insurance - 2007/05/08 18:41
Program Description
The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. This is one of HUD's most frequently used loan insurance products--by the end of fiscal year (FY) 1996, it had insured almost 35 million loans totaling $43.6 billion.
General Program Requirements
Eligible borrowers include the owner of the property to be improved, the person leasing the property (provided that the lease will extend at least 6 months beyond the date when the loan must be repaid), or someone purchasing the property under a land installment contract.
Loan Terms
Market Interest rate with variable Upfront Fees and no Pre-payment penalties. Maximum Length of Loan 20 years. Maximum Loan Amount $25,000 for one property, up to $60,000 for multiple units. Monthly Payment Frequency.
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