FHA Title 1 - H/I Loan
A fixed rate fixed term, home improvement loan through the FHA. All of the proceeds must be used for home improvement or repairs. It provides loan availability to both new and existing homeowners who may lack sufficient equity in the property to qualify for a conventional home improvement loan. A lien will be placed on the property, and loans may not exceed 100% of appraised value of property.

Features:
Title 1 FHA loans are available to a maximum of $25,000 for owner occupied NJ homes (excluding Atlantic, Burlington, Cape May, Camden, Cumberland, Glouchester and Salem counties). Multi-family dwellings have a limit of $12,000 per unit, up to a maximum of $60,000. Loans are secured by a lien on the property. Loan terms are from 1 through 15 years. Loans for luxury items, such as swimming pools and tennis courts are not eligible. There is an application fee.

Rates:
Current FHA Title 1 - H/I Loan rates can be found here. There is an application fee of 1% of total amount borrowed up to a loan of $15,000. Loans over $15,000 require an apllication fee of $150.