FHA Home Improvement Loan
Q. Can we use it for any home improvement?
A. Just about. Out-and-out luxuries (like a built-in swimming pool) aren't allowed. But just about anything else is.
- Upgrade an existing bathroom
- Add a bathroom
- Finish an attic or basement
- Install dormers
- Build an addition
- Install a walkway or driveway
- Build a carport or garage
- Enclose a porch
- Install replacement windows
- Add hardwood floors
- Refinish existing floors
- Install new siding
- Repair or replace a roof
- Install central air conditioning
- Install central vacuum cleaning
- Replace a heating system
- Upgrade electrical wiring
- Remodel the kitchen
Q. How much can we borrow?
A. Up to $25,000 for a one family house. Up to $60,000 for a multi-family dwelling of five units or more.
| Home Type |
Maximum Loan |
| 1 family |
$25,000 |
| 2 family |
$24,000 |
| 3 family |
$36,000 |
| 4 family |
$48,000 |
| 5 family |
$60,000 |
Q. Is this loan tax-deductible?
A. Current tax law treats this loan just like a home mortgage loan. Interest charges may be 100% tax-deductible (consult your tax advisor)
Q. Must the work be completed before we get the loan?
A. No. You get all your money before you start the work.
|
