Home Equity-less Loans
May 20, 2014 2:08 PM Subscribe
Are there any major (read: reputable) lenders that still offer HUD Title 1 home improvement loans?
posted by hwyengr to Work & Money (3 answers total)
I've got an old house with a new mortgage. The master plan was to do a little work at a time as money got saved, but having lived in the place for a while, there is some (major) baseline stuff that should be addressed sooner than later.
We don't have enough equity for a HELOC and the mortgage is at a great rate with low PMI, so I don't want to re-fi into a 203k. That leaves the HUD Title 1. I used the lender search on HUD site, but none of the banks that I recognized on their list had any information, whatsoever, on their websites. Apparently this loan has been around since the '40s, but I can't find a lick of info on it other than shady-looking homebuying content farms.
Location: Cook Co., IL