The FHA Title 1 Loan is significantly diffent as compared to FHA that is standard loan people think of. The Title 1 loan is a property enhancement loan a property and on occasion even on top of your standard FHA purchase loan|you own a home or even on top of your standard FHA purchase loan that you can use once}. The Title 1 loan was made for low to moderate-income families that donвЂ™t be eligible for a home improvement loan that is standard.
Continue reading to know about the FHA Title 1 Program and just how it really works.
The Basic Principles
The FHA Title 1 Loan Program is a true home enhancement loan for house improvements and repairs. You’ll borrow as much as $25,000 for a single-family house. You can borrow as follows if you have a multi-unit home or a manufactured home:
$12,000 for every single product in a multi-unit property up to $60,000
$25,090 for a manufactured home on a foundation