About Federal Home Improvement Loan Programs

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The federal home improvement loan programs that are available include FHA loans, the 203K and the streamline 203K. Find out about the low interest of a 203K with help from a financial specialist in this free video on loans and money management.

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Video Transcript

Hi, my name is Matt Mckillen; I'm with Innovated Financial Group. The question posed to me is what type of federal home improvement loan programs are available. Well FHA: the Federal Housing Authority offers loans to purchase home, refinance. But they also have a specialized program called the 203K which is available to home owners also. Now this loan can also be taken out as a loan after you've owned your home or you can actually take this loan out in conjunction with purchasing a home. Now there's two types of programs. There's what's called the streamline 203K and then there's the regular. The streamline 203K basically gives a home owner up to 35,000 dollars of money that's held after closing when you purchased your home to do major improvements on a property. Now this could be a new roof. It could be a plumbing repair. It could be to remodel a kitchen, a bathroom. It can't be for anything structure. You can't put in an addition on a home. But the 203K is a great program and it is at a very low interest rate, and it can be used and it's backed by the federal government. Again my name is Matt Mckillen; I'm with Innovated Financial group.

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