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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. Lending institutions make loans from their own funds to eligible borrowers to finance these improvements.
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.
To obtain an FHA insured mortgage, contact an FHA-approved lender.
Please contact an FHA-approved lender for loan term information. To find an FHA-approved lender, visit:
http://www.hud.gov/ll/code/llslcrit.cfm
To read more about this program, go to the program information website.
| Max Loan Length | 20 years |
|---|---|
| Interest Rate | Market |
| Max Loan Amount | $25,000 for one property, up to $60,000 for multiple units |
| Payment Frequency | Monthly |
| Prepayment Penalties | Not permitted |
| Fees | Varies |
