The Department of Housing and Urban Development offers Title I Loans, which can help you finance a home renovation project at little or no expense to you. And with a government-backed home loan, you will be eligible for a lower interest rate than your private lender will offer.

Getting a HUD Title I loan allows you to finance a house renovation with the minimum amount of money necessary to complete the project and to get it approved. The process for obtaining a mortgage is less complicated than obtaining a private mortgage. The costs of this loan are usually far less.

Your federal HUD loan, Title I Home Equity Loan, can help you get an initial interest rate on a renovation of between 3% and 6%, depending on the project. And the maximum amount you can borrow can be up to $375,000, which is the limit for a mortgage in the United States.

HUD Title I Loans are available to the general public. If you have a relative or friend who is a tenant in a home, you can ask them to act as a guarantor and have them provide a cash security deposit. The minimum guaranty amounts are usually $2,500. However, if you are taking out a title loan for a rehabilitation project, you may want to consider a guaranty option.

In addition to mortgages, you may also be able to obtain a government-backed business loan. For example, you might be able to borrow up to $15,000 for renovations to convert a vacant warehouse into a small manufacturing business space. If the building owner declines your offer for a business loan, you may still be able to receive a HUD loan to make the renovation loan. You can visit websites likeĀ SoFi to get further details.

Some of the key benefits of using a government loan are reduced interest rates, a special low-risk rating, and preferential terms.

When it comes to obtaining a government loan, you may need to bring a completed project to the county building and zoning office in order to qualify. If you are purchasing a house for investment, you can get a low-interest loan, however, your property may have to go through an appraisal before you are approved.

Posted in Uncategorized

Changes

So last time I had this website up I was living in Arizona, loving my friends, but hating the state.
It was just…SO…brown.
My husband Greg got a job working at the University of NC so off we went.
So now I am living in the lush, green awesomeness that is North Carolina…but have no friends..haha
It is really beautiful here though.
We just put an offer in a house with the most beautiful patio garden that reminds me of some little french home.
I just hope my black thumb doesn’t kill it all.
There are zillions of little statues everywhere that I made sure conveyed.
Like this little guy.

Inspection happens in the next week or so.
Our last house house had the worst inspection ever so I am hoping for a better turnout.
I really love this house. It is in a cute historical district, but was built in 1959.
This is wonderful as I get to be surrounded by beautiful Victorian homes, but don’t have to adhere to the crazy regulations you get owning one.
The first time we visited the house there was a nice woman walking her cats. I think we will fit in just fine.

Posted in personal

First Post!

I finally have my website back up and running.
I completely forgot it disappeared when I changed my hosting server.
HostFreaks.com rules! I have to say that..I love Sage.
My husband always harasses me about the amount of domains I own so my goal is to have them all functioning by the end of the year.
My other goal is to not buy anymore domains. It is an addiction, but a pretty dumb one :)
So 4 sites to go..5 if you include setting up my husband’s site I got for him.
He will probably only use it to post pictures of our pets, but oh well!

 

Posted in personal, Site