Posted on: 31st Mar, 2009 01:35 pm
A friend was asking about a 402 FHA rebuilding loan, if I'm saying it right do you anything about a loan which would basically give you allowance for construction work.
Is there are what is a 402 Fha loan for repair work?
Hi Reggie
Frankly speaking, I haven't heard of 402 FHA loan for repair work. However, there are other FHA loans which can be used for home improvement.
You can take advantage of the Title I program which can be used to finance home improvements. You will get the loan based on your credit history and ability to repay the loan. These loans are used to finance permanent home improvements which will protect or improve your property. This loan can be used for manufactured homes, single-family and multifamily homes, non-residential structures. You can also use this loan to install fire safety equipment. You can also go for 203(k) streamline loan program. This loan is used mainly to rehabilitate a home which requires repair.
Thanks.
Frankly speaking, I haven't heard of 402 FHA loan for repair work. However, there are other FHA loans which can be used for home improvement.
You can take advantage of the Title I program which can be used to finance home improvements. You will get the loan based on your credit history and ability to repay the loan. These loans are used to finance permanent home improvements which will protect or improve your property. This loan can be used for manufactured homes, single-family and multifamily homes, non-residential structures. You can also use this loan to install fire safety equipment. You can also go for 203(k) streamline loan program. This loan is used mainly to rehabilitate a home which requires repair.
Thanks.