Pittsfield, MA -- (SBWire) -- 07/19/2013 --Wouldn’t it be nice if they could get some home improvement construction loans to make the process easier? Well, they can, and Real-estate-yogi.com is here to point out some ways to do so, such as:
- HELOCs
- HUD
- Other Government Sources
- Local Lenders
Home Equity Lines of Credit (HELOCs)
While a home equity line of credit (HELOC) is not exactly a home improvement construction loan, it works in a similar fashion to one. Whereas a home equity loan gives a borrower the money in one lump sum which he pays interest on, a HELOC allows him the option to draw out money as he needs it, and he only has to pay interest on what he actively uses. Using a HELOC for something like home improvement is a wise investment of it, as the home’s value will increase as it is upgraded, resulting in more equity over time and in the home being more saleable.
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HUD Assistance
Through the Department of Housing and Urban Development (HUD), the FHA (Federal Housing Administration) offers several home improvement loans for single family abodes. These loan options are facilitated by FHA-approved lenders, which submit applications for property appraisals and have the home buyer’s credit approved. The loans are insured, not provided, by HUD, as HUD doesn’t make direct loans. Section 203(k) is the primary program for fixing up a single family residence. Go to the HUD website for other options.
Local Governmental Resources
Some state and local governments also supply a home improvement loan to those who qualify. For example, New York City’s Department of Housing Preservation and Development (HPD) provides low interest loans to eligible property owners to perform moderate to major improvements and/or repairs to vacant or minimally occupied buildings. It also has a Home Improvement Program (HIP) that assists small homeowners in getting necessary repairs or improvements accomplished. Check with individual states by going to State.gov.
Community Lenders
When searching for home improvement construction loans, remember to check out local lenders, too. Banks and credit unions are there to help improve their communities when it’s possible. Approving home repair loans is one way they can. Be sure to compare interest rates and terms among several lenders. Even a single percentage point difference can mean more cash for fixing up a home, so put some time into finding the best offer.
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Many homeowners throughout the country want to fix up their houses, whether to make them more saleable or just more attractive.