Home maintenance and improvement can be a costly and draining procedure. The alternative, however, is a home that does not provide comfort and, most importantly, security for you and your family.
Traditional financing such as home equity loans, credit cards and loans from family and friends, may be too costly on your budget, not to mention your relationships! Furthermore, traditional financing just might not be available to you.
Alternative financing includes programs sponsored by the Federal Government and available through local mortgage companies. Such programs are offered by Fannie Mae, a congressionally chartered company and the nation's largest source of home mortgage funds. Fannie Mae provides home improvement products - "tools" to help you finance a wide range of home improvements. These loans are specifically designed to fit your needs whether you are seeking a small loan for needed repairs, a second mortgage for more extensive renovations, or a first mortgage that combines purchase and rehabilitation into one loan.
In addition to getting into a home, staying there takes planning and care. Having insurance is an integral part to keeping your home in the face of financial hardship.
Hazard insurance is mandatory when your home is mortgaged while mortgage disability insurance is optional. However, three times the number
of foreclosures occur due to disability rather than death. All insurance carriers offer disability insurance for a moderate monthly fee. BE INFORMED and understand thoroughly how
"disability" is defined by your insurance coverage (being out of work for 6-weeks with a broken foot will not be covered by insurance that only covers "loss of limb"). If you
cannot afford to pay your mortgage because you are disabled for even one month, disability insurance may be key to keeping you and your family in your home.
CLICK HERE for details about Fannie Mae's HomeStyle Home Improvement Products.
ã Copyright 1999 Community Housing Resource Center
The mission of the Community Housing Resource Center is to support community groups and organizations dedicated to affordable housing and community revitalization. This Tip Sheet may not be reproduced nor distributed without prior written permission from the Community Housing Resource Center.