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Underwater Mortgage? No Equity Home Improvement Loan Options


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The housing bubble has burst and because of the downturn in home values across the nation there are a lot of people who are now living in homes that have not built up any added value over the past couple years. This has put stress on people who were hoping to use the increased financial value of their homes to perform some much needed home repairs.

In a growing housing market you can buy a house value one year and in the next year the value of the home will actually grow by a few percentage points from one year to the next. So if you bought a home for $150,000 five years ago it might actually be worth $185,000 today with normal economic growth. You would then be able to borrow money against that added value from a lending institution and use that money to upgrade your house.

Unfortunately many housing prices have actually plummeted in the past year or so, which means a lot of people are now living in houses that are now worth less than what they originally paid. This means they don't have that added home value which is known as "equity." When you owe more cash on a house than what it is worth then you are said to be "underwater" with your mortgage payments.

Fortunately you can still pay for home improvements even without having equity in your home. If you're looking for a large home improvement loan then you may want to think about applying for an FHA home improvement loan from an eligible loan partner. You do not have to have equity in your home to get a Title I home improvement loan. Almost any homeowner can apply for an FHA loan and eligibility is less restrictive than most traditional lending institution loans.

Another good way to keep the high price of a home improvement project down is to do at least some of the labor yourself. For many home improvement projects the highest expense often comes from the amount of manual labor involved, so by taking on some of that work yourself, you can really shrink the total cost of the overall job. There are lots of different DIY home improvement projects most people can do around their houses with just a little bit of knowledge and some elbow grease.

Most manageable house repairs can become large headaches if they are allowed to go unfixed for too long. If you have a important house repair that needs to be done, don't let your home's dropping value prevent you from obtaining the cash you need to make the improvements. And, as you can guess, large home repairs always end up costing more than the small ones.
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