Posted on: 11th Aug, 2009 09:30 am
I have a FHA loan(Gennie Mae). I need to have a slab and garage build. can I apply for a title 1 loan to have this work done.
Hi Guest!
Welcome to forums!
You can contact your lender and check if he is approved to give Title 1 loans. Then accordingly, you can apply for a Title 1 home improvement loan. Under this program, the lenders make loans to eligible borrowers in order to finance home improvements. The HUD, on the other hand, insures the lender against loss if the borrower defaults. The loan is granted based on the borrower's credit history and ability to repay the loan in monthly installments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact your lender and check if he is approved to give Title 1 loans. Then accordingly, you can apply for a Title 1 home improvement loan. Under this program, the lenders make loans to eligible borrowers in order to finance home improvements. The HUD, on the other hand, insures the lender against loss if the borrower defaults. The loan is granted based on the borrower's credit history and ability to repay the loan in monthly installments.
Feel free to ask if you've further queries.
Sussane