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Take care of improvement projects today with an affordable home improvement loan! What kind of projects can I finance with a home improvement loan? When you need a new roof, new plumbing or other improvements to the basic livability of your home or investment property, you can benefit from an FHA Title I Home Improvement Loan available through Alaska USA. You must own the property, and it must be located in Alaska or Washington. What if I want to add a hot tub? Items such as hot tubs, greenhouses, and landscaping are considered luxury items by the Federal Housing Authority (FHA) and cannot be financed with a home improvement loan. Ask about an Alaska USA Home Equity Loan or Home Equity Line of Credit as an affordable alternative. Can I do the work myself? Absolutely! However, payment for your own time cannot be included in the financing. Do I need to provide any documentation regarding the planned improvements? Yes. You should provide a written summary of the planned improvements with estimated cost information. You will also need to provide copies of bids for materials and from any contractors you may use. What if I've already started the improvements? Can I still get financing? Improvements financed with a home improvement loan must be started after the loan is approved. If you are in the middle of a project and need additional financing, you may be able to finance the unfinished part of your project. Alternatively, you may consider an Alaska USA Home Equity Loan or Home Equity Line of Credit. What if my plans for the improvement change? If your plans change after the loan is approved, you should send a change request letter to Alaska USA for approval to ensure that your new plans meet the program guidelines. What terms and rates are available? Depending on the amount of your home improvement loan, terms are available from four to 20 years. For current rates, log on to www.alaskausa.org or call 786-2800 in Anchorage or (800) 425-9813 outside Anchorage. How much financing can I get? You can get up to 100% of the cost of your improvement, up to specified limits. The amount is based in part on the type of residence you own:
Will I need an appraisal? If you own the property, no appraisal is necessary. What kind of fees can I expect to pay? You should expect to pay an annual FHA insurance fee equal to 1% of the original loan amount. There is no origination fee, no title insurance necessary and no credit report fee. Will an inspection be necessary? Yes. A certificate of completion will be required when the improvement is done, which must be within six months to one year, and a final inspection will also be necessary as specified by HUD (U.S. Department of Housing and Urban Development). How fast can I get the funds? The application process for a home improvement loan is quick - but there is a mandatory delay of three business days before any loan funds can be disbursed. How do I apply? You may apply at any branch, or by phone, fax, or mail. (Download an application at www.alaskausa.org.)
Highlights
AKUSA 02370-I R08/05/04 |
Home improvement
Single-family - up to $25,000