Get a Home Improvement Loan in Three Easy Steps

What's the Right Home Improvement Loan for You?


FHA loans offer easier qualification and low rates with government-backed security for major home improvements.


Dealer Financing

Home improvement contractors often provide financing with better rates and more flexible terms through their suppliers. Some of these home project loans are interest free or may require no payments for many months. Get quotes from local contractors and ask about financing options.


Loans for Senior Home Owners

No credit check or income requirements for up to $625,000 in tax-free money and you never make another mortgage payment. You must be over 62 years of age. Find out if you qualify at One Reverse Mortgage.



As a homeowner you have a responsibility to keep your home in good repair. Things wear out over time, and available funds may not comfortably cover the cost of repairing or replacing them. Perhaps you're thinking about energy efficiency--keeping those upwardly spiraling energy costs under control by installing replacement windows or insulated siding.

Or maybe you simply want to restore your once-proud home to her former beauty in places where time and weather have taken their toll.

A home improvement loan can make a positive difference by preserving your investment, saving you money on energy costs over time, or just making a difference in the way you enjoy the comforts of home.

If you've been avoiding the benefits of home improvement because you don't want to think about loan applications or you're worried about debt, here are three simple and painless things to do to get the ball rolling and make your "home, sweet home" happy again.

1. Plan: Decide what work you want done and get estimates. In all cases, get three or more firm bids from local home improvement contractors. When evaluating a contractor's estimate, make sure you know all costs involved such as installation, labor, overtime and responsibility for overruns.

2. Check the Internet: There are innumerable websites covering the details of home improvement loans. They can explain legal requirements state by state and let you know if you qualify for a home improvement loan from the Federal Housing Administration. FHA loans are particularly attractive in today's economy as no equity is required for a single-family home, and you can borrow up to $25,000.

3. Talk to your bank: Whether or not your bank turns out to be the final lender, your banker can give you good advice about your financial health and the application paperwork involved. They can even guide you through the full process. This is the time to ask all those technical loan questions: Can you tack the loan onto your current first mortgage? Do you have enough equity in the home to secure a home equity loan or home equity line of credit? If you're over 62, can you qualify for a reverse mortgage as your source of financing?

Once you decide to go ahead with the work, be sure to insist on an iron-clad contract. A well-qualified and motivated contractor is a good ally. Not only can they help you decide exactly what work needs to be done, they may be able to lead you safely through any necessary paperwork for your home improvement loan application.


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