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FHA Title 1 Loan

FHA Title 1 Loan can be used to make necessary repairs and renovations to a home. This is the reason why it has been categorized under Federal Housing Administration home improvement loans. These mortgage programs are targeted to communities that need financial support to bring adequate changes to the structure of their homes in order to make these safe, healthy and livable. The loan rates and repayment schedule offered by the lenders are such as to suit the requirements of these borrowers.

The loan amount can be anything between $5,000 and $25,000, and there is no lien requirement if the amount is not more $7,500. You should approach an FHA-approved lender to get the details of the program and also to know whether you can qualify for it. The list of approved lenders can be found online on the website of the Department of Housing and Urban Development. You can perform a search to find out a lender in your vicinity that can fulfill your home improvement requirements under an FHA Title i loan program.

Title 1 can also be used in conjunction with a 203k Rehabilitation Mortgage. For more information on FHA Title 1 loan program, you can call (800) 767-7468. The guidelines concerning the credit and other requirements from the borrower is available online at HUD website. The HUD Handbook 4700.2 contains FHA Title 1 Lender Requirements and the HUD 92001-A is the new FHA lender approval application. Lenders can contact the Lender Approval Division at (202) 708-3976 to get more information regarding Title 1 requirements.

FHA Title 2 Loans



A title 1 lender can process or service loans for property improvements and the purchase of manufactured housing. A title 2 lender on the other hand can process or service loans for single family homes. Such loans are available under several programs including the 203(b), 203(k) and 234(c) loan programs. A detailed discussion for each of these can be found somewhere in this site, however, we provide here only a brief detail to help users distinguish one program from the other.

The section 203(b) is the most popular FHA title 2 loan program and it aims at providing financial support to buy a new or existing one-to-four family home. Section 203(k) is suitable to purchasing or refinancing as well as rehabilitating a one-year old home. With 234(c) loan program, one can buy a condominium residence conveniently. More information can be had from FHA Title ii Mortgage Approval Handbook, which is available online at the HUD website.

Website: www.hud.gov





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