How do I find an FHA lender for financing home improvements?

Aly, look at a FHA 203K loan program and also the EEM program, 2 great loan programs for home improvements, it is one loan.

203K is the ticket!

I agree. Check into a 203K. Let me know if you have any questions. Thanks. Michelle 201-962-3555

I lend nationwide. 203-K or traditional cash-out FHA depending on your current equity. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

A lot of information is missing, however, if you talking about taking out a 2nd mortgage, then any local bank can help you.. if your looking to refinace your existing property so you can take out additional cash for improvements, then FHA 203K Refinance will work, and if your old enough, a Reverse Mortgage will also work.. in any case, you have to have sufficient equity to pull cash out for the improvements, so you will have to apply and be approved... WilliamAcres.com

FHA has a product called the 203k loan. This is a combination home improvement loan and mortgage. If your interest rate is above 4.5%, then this is probably the product you want to consider. Underwriting requirements are similar to a traditional FHA loan in terms of credit scores and ratios. Even if you owe more than the home is worth, FHA may still be able to help you. They will allow a new loan amount to cover the outstanding balance plus the cost of the repairs/improvements up to 115% of the "As Complete" appraised value. This is what the property would be worth once the repairs are done. You need to work with a certified 203k lender. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Make sure your selected originator is 203k certified. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Aly - There is an additional option availble. The FHA has a home improvement specific loan called the Title One program. There are no equity requirements or upfront inspections to the property for the project. The program allows for up to $25,000 to be lent on a single family residence and the terms of the loan are fixed. If you would like to learn more and to apply for this loan we would be very happy to serve you. Please feel free to contact me at your convenience. My name is Brian Harvey and I am with Home Loan Investment Bank - Warwick, RI and I can be reached at 800-223-1700 x574. -Brian