An FHA Title One Home Improvement Loan from HCU allows you to borrow money for a home improvement project, even if you have no equity. Room additions, central air conditioning, and garage conversion are just a few example of projects you can finance. FHA Title One Home Improvement loan features:
- Loan amounts up to $25,000
- No equity required for most loans
- Available for any home you own, even rentals
- Fixed rates
- Terms up to 10 years
To apply, visit your local HCU branch. A copy of the application can be viewed here for advanced reference. Important liability and penalty information is detailed in the required form available here.
- Loans over $7,500 require on-site inspection when improvements are completed
- Loans over $7,500 require a mortgage be filed against your home. This interest may then be tax deductible*
- Low costs which can be financed in the loan
- Loan is federally insured
- Documentation needed: current pay stubs, proof of ownership of property, and an itemized estimate of work to be performed.
- The purpose of this loan is to finance property improvements, which substantially protect or improve the basic livability or utility of your property
*Consult your tax advisor