FHA Home Improvement and Second Mortgage Loans

FHA (No Equity) Home Improvement Loan

If you have good credit, but little or no equity in your home, our low rate* FHA Home Improvement Loan may be the right fit for your home improvement needs.  The approved funds are available whether you are doing the project yourself or hiring a contractor to install new windows, insulation, roofing or even a new furnace.  LorMet is the only originator of FHA Title I Home Improvement Loans in Lorain County.

Features:

• Maximum loan value up to $25,000
• No Equity Required
• Low Fixed Rate*
• No Prepayment Penalty
• Flexible Payment Terms

Qualification Criteria:

• Owner occupied primary residence only.
• Loan Security: Any loan over $7,500 must be secured by a mortgage or deed of trust on the property.
• Available to Lorain County residences only.
• Subject to review of project estimates and propery inspection upon completion.

Second Mortgage Loans

Low Rates
No Points
Interest expense paid on mortgage may be tax deductible - consult your tax advisor for deductibility
Easy and convenient to apply

 Home Equity Loans

Contact the Lending Department at 440-960-LOAN (5626) for more information.

 *Rates, Terms & Conditions, and LorMet underwriting guidelines apply.  Members should consult a tax professional to ensure they qualify for a tax credit or deduction.