Home repair and renovation can be messy.  There are many tools and services you may need to improve your living conditions.  But these come at a cost, something few can immediately pay for out of pocket.  Fortunately there is a loan available for this, the Title 1 Property Improvement Loan.  However many people aren’t aware of it.  Few people understand the FHA Title 1 loan and how it can benefit them.

Is a Title 1 loan right for you?  

Read on to learn more. 

Why Title 1?

A Title 1 loan is offered through the Federal Housing Administration, insuring private lenders against loss on property improvement loans they make.  It’s meant to help low-to-moderate income families who don’t qualify for Home Equity Loan.  It can be used on single-family and multiple-family properties, preserving a historical home, nonresidential locations, fire safety equipment, and manufactured homes.  This loan is ideal for minor to moderate repairs and renovations.

Do I Qualify?

In order to qualify you must own the property or hold a long-term lease that lasts at least six months after renovations are complete.  For residential purposes you need to have lived there for a minimum of 90 days.  Eligibility is determined by the applicant’s employment status (not their income), they can’t be delinquent or in default with another federal loan program, must maintain a debt-to-income ratio of 45% or lower, and be able to pay the loan in regular monthly installments.  A minimum credit score isn’t required but lenders will pull a credit report to verify your employment.  You may be required to provide bank statements, W-2s, and documents for other sources of income (pensions, disability, etc). 

How Can I Use It?

A Title 1 loan can’t be used on luxury items (like swimming pools) or work that’s already been completed.  They’re intended to make a home more livable.  This means that they can be used for installing appliances like a dishwasher or oven (they cannot be free standing).  It helps disabled homeowners make their residence more accessible by creating wider doors or installing ramps.  They can also be used for people interested in greener living by the installation of solar energy systems.  

Where Can I Learn More? 

Making financial decisions can be tricky but there are resources available to help you.  To learn more about the different options for your financial situation you may contact us directly. 

Scott Eggleston NMLS # 1942174 Joins the Affiliated Mortgage Team

Affiliated Mortgage is excited to welcome loan originator Scott Eggleston to the team

Rapid City, SD – Scott Eggleston joins the Affiliated Mortgage team as a loan originator. Scott is a licensed (NMLS # 1942174) mortgage originator in South Dakota. He began his professional career by enlisting in the Air Force. In his 20 year career, Scott was stationed here at Ellsworth Air Force Base for just over 5 years, and this is when he absolutely fell in love with the Black Hills!

“Transitioning from the military to the Mortgage Industry was seamless thanks to the training programs available”, said Scott Eggleston, Loan Officer at Affiliated Mortgage. 

“We are very excited to have Scott with us on our team. We are confident in his combined experience in the military to achieve success and help people in the mortgage industry. What a great asset to the team”, said Troy Trombetta, the Branch Manager at Affiliated Mortgage. 

Scott has spent a major part of his life serving in the military and is looking forward to the wonderful opportunity of continued service to his clients in this industry. He is prepared to undertake this responsibility and help anyone who is looking to refinance their existing mortgage or would like to purchase a new home.

Affiliated Mortgage and its experienced team know the many challenges of homeownership and focus on creating a seamless loan process for all of its clients. No matter what kind of loan you need, Affiliate Mortgage will help you secure it. For now, Affiliated Mortgage is offering its home loan services in Wisconsin, Nebraska, California, Minnesota, North Dakota, South Dakota, Wyoming, and Colorado.

Affiliated Mortgage is a certified national home loan and real estate search firm. The key purpose of Affiliated Mortgage is to provide affordable home loans and provide advanced home search tools so that their clients can find and purchase their dream home without any hassle.

Know more about Scott Eggleston at https://scott.affiliatedsd.com/