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.