Consumers Digest

Home improvement loans after mortgage?

My wife and I are looking into buying a home that is for sale under "Short Sale" terms. The price is of the home is $65k and we are pre-qualified for $67k, however the home may need another $20k in improvements (i.e. repair porch, roof, etc.). Is there any type of federal aid to help with this? and no, we are not first time home buyers. I know with HUD housing there are 203k loans, but this isn't a HUD home. Also, would it help having a FHA loan vs. having a conventional loan? I thought our lender had pre-q us under a FHA loan. Thanks

Public Comments

1. The home improvement loan provides many benefits. For example, when one takes a home improvement loan to upgrade a home and to get it in the shape, one can take a tax deduction. http://www.worldbestloans.com/Home%20Improvement%20Loan.htm Store card interest rates can be as high as 25-30%. Credit cards offer rates of around 15-18%. So these borrowings must be planned with proper care. Personal loans can be another option if it is difficult to plan credit card borrowings.