Home equity is a very important thing for homeowners. Home equity allows you to leverage the money you've paid into your home towards a loan that could allow you to pay for any number of things-from home improvement projects to a college education.
But how could a homeowner with little to no equity get money for home improvements?
Excerpt: FHA Offers Two Options for Funding Home Improvements You might know that the Federal Housing Administration (FHA) can help you fund your home renovations, from room additions to smaller maintenance projects. Of course, the best FHA loan program for you depends on your situation and your needs. You can choose the 'FHA 203(k)' mortgage for larger projects - buying a fixer-upper or refinancing your home while also funding a home improvement. Another option is FHA's 'Title 1″ loan, which allows you to finance your smaller renovation and isn't tied to a refinance or home purchase. For either of these loans, you need to go to an FHA-approved mortgage lender.
Be sure to read ' A home improvement loan with no home equity? ' in its entirety.
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