Widely Available Across the Country
Property owners may apply at any certified lender across the United States, which means that finding the closest participating lender should be fairly easy. Most banks, credit unions, savings and loan organizations and mortgage lenders are free to participate in the program, and many have taken advantage of the opportunity.
Usable For Many Different Types of Alterations
Title I Home Improvement Loans cover building alterations, repairs, renovations, and even site improvements. These loans can even be used in tandem with a 203(k) Rehabilitation Mortgage so that one benefit does not have to be given up for the other to kick in.
Large Maximum Loan Amounts
Single family homes are eligible to receive loans up to $25,000 and still have them protected and covered under the program; this number increases to $25,090 for homeowners who live in manufactured homes on permanent foundations. Those who live in multi-family homes are eligible for a $12,000 per unit loan, up to $60,000 total. These high volume loans allow homeowners to make meaningful alterations that could legitimately change their lives.
Negotiable Rates and Terms
Although the loan terms are usually set based on analysis of the area’s most common market rate, the interest rate is fully negotiable between the lender and the borrower. This is where the lender can possibly cut the borrower(s) a break — because their loan is guaranteed by the government, the specter of non-repayment is not an issue. Flexible lending capacity is one of the premier benefits conferred by the Title I Home Improvement Loan.