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Home improvement loans can provide tax deductible money for a complete remodel or specific improvements, transforming your house into a home, while increasing your property value.
A home improvement loan is placed in second position on the title of your home. It is essentially a second mortgage or home equity loan, which is paid to you in one lump sum. Another option is a line of credit on your home, which is based on a variable rate, and gives you the ability to draw money for home improvements only as you need it.
Lenders typically place no restrictions on your home improvement projects, as long as they are within the boundaries of your local building requirements, and depending on the scope of the job, you have the choice of doing the home improvement work yourself, or use a contractor.
You have a choice of loan terms from 5 to 30 years. There is no equity is required for home improvement loans. The maximum loan amount can go as high as 125% of the current value of your home. Also, a major advantage is your ability to write off the interest on the monthly payments.
Features & Benefits
- No equity required—you can qualify even if you just bought your home.
- Fixed interest rate for up to 15 years—allows you to fit your payment to your budget.
- Minimal paperwork required—makes the application process easy for you and your lender.
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How To Use Home Improvement?
- Get bids and estimates for the planned improvements, but don't start the work.
- Talk to a participating lender.
- Your lender will send the application to WHEDA for approval
- We're not kidding. It's that easy!
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Eligibilities :-
Borrower Eligibility :- Income Limits :- The combined income of all adults who occupy the property cannot exceed the limits for the county in which the property is located.
Property Eligibility :- Types of Property :
- One to four unit
- Owner Occupied
No more than 15% of the property can be used for trade or business purposes
Property Age :- The property must be at least 10 years old.
Improvement Eligibility :-- Eligible Improvements
- Additions
- Remodeling
- Repairs
- Energy-related items which are permanent in nature
- Ineligible Improvements
- Deck or patio
- Fences
- Fireplaces
- Landscaping
- Storage sheds, pole buildings, barns or other outbuildings
- Appliances
 We Can Help You :
Consolidate debt payment
Lower your monthly payments
Reduce interest rates
Waive late fees
Eliminate collection calls
Avoid Bankruptcy |
