Use a FHA Refinance to Make Home Improvements
If you need extra cash to make improvements to your home, a FHA refinance may be an excellent option.
The FHA allows you to take cash out from your home to payoff debt or make home improvements. One option
to improve your home is to take advantage of the FHA Energy Efficent repairs program.
There are many options with an FHA refinance. With the FHA, you can:
- Refinance Your Mortgage into a More Reasonable Monthly Payment
- Refinance Your Current Loan to help Avoid Foreclosure.
- Take Cash Out of Your Home's Equity for Home Improvements
- So get connected with a specialist for an FHA Refinance Today!
You are just 2 minutes away from finishing the hardest part of securing an FHA loan -- simply getting
the ball rolling. We don't even need your Social Security Number to get started.
FHA Energy-Efficent Repairs Program
Just like the Veterans Administration has loans for veterans who want to make energy-efficient improvements
to their homes to be more energy efficient, the Federal Housing Authority also has mortgage programs for people
to make improvements to their homes that will lower their monthly utility expenses. you can save a lot of money
over time by financing the cost of energy-efficient home improvements with your mortgage, and you can get started
on the necessary improvements right away.
However, before you apply for any mortgage loan it is important to know and understand the key features and
requirements of the program. Some of the important issues to understand regarding FHA energy-efficient mortgages are:
Benefits of an Energy-Efficent Refinance:
- You can finance the cost of energy-efficient home improvements with your mortgage, even if you are building
a new home, purchasing a pre-existing home, or refinancing your current mortgage.
- The money that you will save on utility bills should outweigh the cost of refinancing. For instance, if
you finance energy-efficient home improvements with your mortgage at an additional cost of $200 a month, but
you are able to save $300 a month on utility bills, you have saved yourself $100 a month.
- You must be able to obtain a FHA mortgage loan. FHA energy-efficient mortgages are a way to make immediate,
necessary home improvements, but you must qualify for and fulfill the requirements of the loan to obtain a FHA
- If you are able to make the required mortgage payments and if you meet the FHA financial requirements, you can
qualify for an energy-efficient mortgage. You can also finance up to 97% of the market value of your home to
include the energy-efficient home improvements, as well as the inspections and some of the costs involved with
obtaining a new mortgage or refinancing with your monthly mortgage payment.
- The total amount you can borrow for energy-efficient home improvements is 5% of the value of your home or
$4,000, whichever is higher. The maximum amount that you can borrow is $8,000. For example, if your home is worth
$200,000, 5% of your home's value would be $10,000, but the FHA would not allow you to borrow more than $8,000.
- You may make energy-efficient home improvements if you own your home, or if you are building or purchasing a
single-family home, duplex or condominium.
Start Your FHA Loan
The FHA has helped many homeowners to make energy-efficient home improvements that have saved them a lot
of money on their monthly utility bills. For more information on FHA energy-efficient mortgages visit
the FHA Energy Site.
Get information about FHA Credit Issues.