How should a homeowner finance a home renovation?
Posted on Thursday, June 21, 2012 at 9:52:47 PM
Lending guidelines were quickly tightened following the housing bust of 2006. Even now, the requirements for unsecured home improvement funds remain stringent to prevent people from borrowing too much against the value of their property.
Yet home repairs and remodeling projects still remain a smart financial investment for many individuals. Homeowners looking to increase the value of their property can look toward government-insured loan options to fund a renovation. These smart, available loans can give the average property owner the opportunity to better their house and economic outlook when it comes time to sell the property.
"In today’s housing market more and more homeowners find themselves with less cash available to them for home improvements. Whether it is in their checking account, retirement fund, or the equity position of their home, homeowners are seeking finance options more than ever due to their limited personal assets. As a non-equity based, government insured and consumer orientated loan the Title One program with Home Loan Bank is offering finance options that many homeowners may not know existed before," said improvement lending expert Brian Harvey.