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Fixing Up Your Home and How to Finance It

Protect Your Housing Investment
For many people, owning a home is one of the biggest investments they make in their lifetime. Among the ways to protect this investment is with regular maintenance and occasional improvements that increase the value and functionality of the home.

A picture of a couple, holding a baby, while reading instructions for doing home repairs

Financing Improvements
As a rule, the thriftiest way to finance improvements is to pay cash. If there isn’t enough cash available, you may choose to finance these improvements by going to your bank or other lender and apply for a loan.

  • During the application and approval process, you should familiarize yourself with the loan terms and repayment requirements.
  • Do not proceed with home improvement plans until you understand all the costs involved.
  • What kind of loan is best for you depends primarily on the amount of money you need to borrow.

If the equity in your home is limited, the answer may be an FHA Title I Property Improvement Loan.

Handling Improvements
Improvements can be handled on a do-it-yourself basis or through a contractor or dealer.

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Use a Contractor
  • Property Improvement Loan will pay for materials and labor.
  • Get more than one estimate. Remember the cheapest one isn't always the best fit.
  • Read and understand what you sign.
  • Know your job costs: loan interest and payments, service charges.
  • Know your rights as a consumer.
  • Beware of Fraud.
[A picture of a woman hoding a cup of coffee, reading instructions for how to repair her home on a laptop]
Do It Yourself
  • If you have the necessary skills and experience, you can save money.
  • Property Improvement Loan will pay for materials only.
  • Know the requirements for improvements; approval from local authority may be needed.

Contract the FHA Resource Center for more Title I information.


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