Those eligible for a Title 1 loan include the owner of the property, a person who has a long-term lease on the property (the lease has to extend at least six months beyond the date the loan must be repaid), or a person purchasing the property under a land installment grant.

Funds from a Title 1 fixed rate loan may be used for any permanent improvement that will make the property more accessible for a disabled person or will make the property more livable and useful. The loan may also be used for fire safety equipment.

If you’re making the improvements yourself, you can use the loan to pay for materials.  Or you can use the loan to pay for a contractor’s materials and labor. It can also pay for architectural and engineering costs, building permit fees, title examination, appraisal fees, and inspection fees. Funds from a Title 1 loan cannot pay for luxury items, such as a swimming pool or hot tub, or for debt consolidation.

A Title 1 loan is just one of the property improvement loan programs available. We’d be glad to help you explore all your loan options.