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Title 1 Home Improvement Loans

5 minute read


Title I loans have been offered to millions of Americans by private lenders like Home Loan Investment Bank for decades. We spoke with one of our Home Improvement loan officers, Jillian Burton, who gave insight on the inner workings of Title I loans. In this article, learn what a Title I loan is, how it works, and gain a basic understanding of the benefits of the HLIB Advantage Loan. 


What is a Title I loan? 

A Title I loan is a fixed rate loan of up to $25,000  for a single family home and is specifically allocated toward home improvement projects. All 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 are not based on demographic information and do not require a down payment or any home equity. 


Home Loan Investment Bank offers Title I loans nationwide and has been noted as the largest originator by volume in the United States. There are four core requirements you must meet to qualify for a Title I loan from Home Loan Investment Bank. (1) Meet the minimum credit score requirement, (2) A maximum debt to income ratio of 45%, (3) Be the owner of the residence, and (4) Use the funds for home improvement.

 

How does a Title I loan work?

 A Title I loan can be used for various home improvement projects including:

Windows 
Roofing
Siding 
Garage
Kitchen 
Basement 
Bathrooms
Pole barns
And More!


  

Home Loan Investment Bank requires these projects to be tracked through inspections, legal licensing, and estimates from contractors that conduct the home improvement projects. Although many customers hire licensed contractors, Title I loan regulations permit DIY (Do It Yourself) projects. Both contractor-led and DIY home improvement projects are regulated with proof of cost.

 

The Fixed Rate Breakdown 

The fixed rate is determined by your credit score and your desired term.

The terms range from 3,5,7,10,15, or 20 years.
Lowering the term will lower the interest rate but will offer a higher payment and a quicker payoff.

 

The HLIB Advantage Loan

If you have been approved for a Title I loan and need additional funds to complete your project, you can also apply for our HLIB Advantage Loan which can offer you up to $75,000. This is an excellent way to fund larger projects or combine multiple home improvement projects into one loan.

Requirements for this loan:

Can only be offered in conjunction with a Title I loan.
The borrower must meet the credit requirements.
Must be the owner of the residence.
Must meet debt to income ratio requirements.
Must use the funding towards home improvement.

The HLIB Advantage Loan is a UCC secured loan with fixed rates based on your credit score and selected term.



If you are looking to begin your home improvement journey, Title I loans are easy to apply for, can be used for a variety of projects, and can add significant value to your property. 

Turn your dream home into a reality with Title I loans and HLIB Advantage Loans. 

If you are interested in an affordable way to renovate your home, a Title 1 loan from Home Loan Investment Bank could be your answer! Get in touch with one of our knowledgeable and dedicated loan officers today!

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