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?

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
posted by hwyengr to Work & Money (3 answers total)
Here is the information on the HUD site, You do need to secure any loan over $7500:

Loan Security: Any loan over $7,500 must be secured by a mortgage or deed of trust on the property.

Here's the link to the HUD Title 1 Lender List.
posted by Ruthless Bunny at 2:39 PM on May 20, 2014

The HUD page has a link to an approved lender search function and housing counselors who can explain how the programs work. Can't hurt to call one of them.
posted by crush-onastick at 5:26 PM on May 20, 2014

Response by poster: Even the lender search isn't turning anything up. If you turn off Title 2, you get 22 banks within 100 miles of Chicago, 12 of which seem to be some variant of Fannie Mae that all have the same address in the Loop, a handful of really small institutions around Chicagoland that I've never heard of, then the rest are downstate or out of state.
posted by hwyengr at 6:59 PM on May 20, 2014

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