FHA Title 1 Loans Now Available
What exactly is an FHA Title 1 Loan and how can it benefit you? An FHA Title 1 loan is a loan specifically designed for homeowners who do not have equity in their homes yet, but want to make improvements to the property. Homeowners are able to borrow up to $25,000. FHA Title 1 loans are available to be used on primary residences and rental properties and offer fixed, competitive rates with terms up to 15 years.
FHA Title 1 loans allow new homeowners to make improvements on their homes that in the past might have had to wait until there was enough equity in the property, they had saved enough or qualified for other sources of funding. Smaller loans, under $7,500 could be a signature only loan with no equity required.
For those homeowners who have equity, we still offer our traditional home equity loans and home equity lines of credit. Those loans are based off of the available equity in your home, and you have the option of a line of credit or a closed end loan. Home equity loans are able to be used for anything from new appliance purchases, home improvements, car repairs or as emergency funds when needed.
The beauty of an AmeriChoice home loan is we have a team of experts who work with you to find the best fit for you, your needs and your budget. We want to see you in your dream home and by offering the FHA Title 1 loans, we are now able to assist more members in their homeownership journey.
And, for those who are interested in a traditional mortgage, we offer those too! Check out our online mortgage center to see what options are available for you, and what would best fit your unique financial situation.
For more information about the FHA Title 1 loan, email firstname.lastname@example.org.