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FHA Title 1 Loans

FHA Title 1 Loan

Looking to Renovate your home, make repairs, or build an outdoor structure but have no equity in your home? Our FHA Title 1 Loan1 is a great option for you! Most projects and property types qualify!






What is an FHA Title 1 Loan?

The FHA Title 1 Loan is specifically allocated toward home improvement projects. An FHA Title I Loan is a fixed rate loan of up to $25,000 for a single-family home, and up to $12,000 per unit2. All FHA Title I Loans are insured by the Federal Housing Association (FHA) and are backed by the U.S. Department of Housing and Urban Development (HUD). Title I loans do not require a down payment or any home equity.

FHA Title 1 Rate Term Amount


Why Shoreham Bank?

Our Loan officers are dedicated to making your dream home a reality! We are a nationwide lender of the FHA Title 1 Loan and are ready to assist you through the process of improving your home. Get started today by contacting one of our Loan Officers!




Need More Funding?

Advantage Loan


Need a larger project financed? Use the Advantage loan in Conjunction with the FHA Title 1 Loan!
Project Specific Advantage Loan

Need a Pole Barn, Metal Building, or Garage? Add the Project Specific Advantage Loan in conjunction with the FHA Title 1 Loan to cover the costs!










































FHA Title 1 Loan FAQs

An FHA Title 1 loan is a non-equity based loan that is centered on helping people improve, repair or upgrade their home, or build an outdoor structure such as a garage or hobby shop. An FHA Title 1 Loan is a fixed rate loan of up to $25,000 for a single-family home, and up to $12,000 per unit ($12,000 Per unit, up to 5 units for a multi-family home). All FHA Title 1 Loans are insured by the Federal Housing Association (FHA) and are backed by the U.S. Department of Housing and Urban Development (HUD).

If eligible, you can borrow up to $25,000 on a single-family residence or $12,000 per unit for multi-families 2-5 units.  Credit is pulled, and repayment options are provided, along with a short checklist of items needed to finalize the loan approval. Folks can receive their funds in as little as 7-10 days.

Most improvements are eligible if they are permanent to the home.  Examples include windows, roofing, siding, garage, kitchen, basement, bathrooms, pole barns. Reach out to one of our Loan Officers to see if your project is eligible!

While requirements may change depending on your application, 3 primary factors we look at are:

  1. Property ownership. You must have occupied the residential property for at least 90 days.
  2. Credit. There is credit score requirements.
  3. Debt to Income Ratio. HUD sets a maximum debt-to-income (DTI) ratio of 45%.
No, FHA Title 1 loans do not require equity.







Get in touch with one of our experienced loan officers today to see if our FHA Title 1 loans are right for you!

 

1. New residential structures must have been completed and occupied for a minimum of 90 days. Subject to credit approval.
2. $12,000 Per unit, up to 5 units for a multi-family home.