3 Home Improvement Loan Information Sources

To find home improvement loan information sources for your home repairs, start with government options and then look to private sources. Government loans can be affordable.  Generally, loans to improve the livability of a home (such as plumbing or air conditioning), energy efficiency or safety are more accessible than loans for luxury upgrades such as pools or additions.The following is a quick list of a few good sources for home improvement needs:

  1. HUD - The Department of Housing and Urban Development provides a number of loan programs. The loans vary are contingent on your renovations. There are caps for single family and multifamily residential homes.  One of HUDs most popular option is called 203(k) which allows you to finance your improvements as part of your initial mortgage.  Additionally, HUD provides a "streamline 203(k) program" that does not call for a credit qualification and instead focuses heavily on payment history and repairs.
  2. State Housing Authority - State and local housing authorities provide incentives to restore historical landmarks, complete cosmetic repairs or create energy efficiency. Contact your state housing authority for a list of loans available. Remember that neighborhood loans are also available with incentives so do not rule out applying for federal, state and local loans.
  3. Private Lenders - Finally, consider using your bank or private lender. They will have information readily available on current home improvement loan information. As a general rule, these sources will be a little more difficult to qualify for and will not offer the types of opportunities afforded by HUD or local and state authorities.