9. Government supported loan
Federal Housing Administration supports several home renewal loan options introduced through private lenders.
Federal Housing Administration supports several home renewal loan options introduced through private lenders.
If your renewal goal is to make your home more lustable, useful, accessible or energy-efficient, you can qualify for the title 1 fixed-by loan. The maximum loan amount for a single-family house is $ 25,000, and less than $ 7,500 is usually unsafe. The payment is lump sum, and the interest rate is fixed.
If you need to borrow more than $ 25,000, you can qualify for 203 (K) loan (for major work). It combines a renewal loan with a mortgage. A part of the loan leads to purchasing the house, and the rest is paid to the contractor as required. The interest rate may be fixed or variable.
