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Archived News Article: Information may be out of date
December 7, 2022

Finding Loans for Buying and Repairing Your Home

Finding Loans for Buying and Repairing Your Home
Finding Loans for Buying and Repairing Your Home

Whether you are buying a house or need help with your current home, there are resources to guide you through the process. has information on Housing and Public Utilities, benefits and loans from the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Small Business Administration (SBA). Let’s check out just a few of those loans and resources.

Are you buying a home for the first time?

Your first step is to take time to prepare by checking your finances, setting a budget, and researching how to finance your home purchase. The Consumer Financial Protection Bureau provides tools for homebuyers, including tips for exploring loan choices.

Once you have a strong handle on your financial situation, it’s time to choose which home buying option is best for you. HUD’s Federal Housing Administration (FHA) provides the Basic Home Mortgage Loan Program to help people become homeowners. The loans are funded by lenders like a bank or mortgage company. The loans are insured by FHA, so lenders may be more willing to give you better loan terms. To be eligible for an FHA loan, you need a valid social security number, be eligible to work in the U.S., and be of a legal age to sign on a mortgage in your state. Contact an FHA approved lender to find out if you qualify, how much you can borrow, and to apply.

The VA Home Loan Program can help Veterans, service members, and their surviving spouses buy a home. The loans are funded by lenders like a bank or a mortgage company. The VA guarantees a portion of the loan, which allows the lender to give you better terms. Before you can apply, you will need a valid Certificate of Eligibility (COE). Learn more about how to request a COE and see a list of required information. Find helpful tips on the process of buying a home through the VA loan program. If you have questions, contact VA home loan support by calling 1-877-827-3702. The toll-free number operates Monday to Friday from 8:00 a.m. to 6:00 p.m. Eastern Standard Time.

Do you need help with home repairs?

HUD's rehabilitation and repair loan, known as Section 203(k) insurance, allows you to finance the purchase of a house and the cost of its rehabilitation through a single mortgage. This loan can also be used to finance repairs of the home you already own. The cost of the repairs must be at least $5,000 to qualify for this loan. The types of improvements that can be made include structural changes, elimination of health and safety hazards, adding or replacing roofing, gutters, and downspouts, and more. Applications must be submitted through an FHA approved lender.

FHA’s Energy Efficient Mortgage Program helps homeowners get loans to cover the cost of adding energy saving improvements to their home. Energy improvements can lower utility bills and possibly make more income available for the mortgage payment. The loans are funded by lenders like a bank or mortgage company. Contact an FHA approved lender to learn more about requirement and to apply.

Are you recovering from a disaster?

SBA provides Home and Property Disaster Loans to help homeowners and renters located in a declared disaster area. You must be in an SBA declared disaster area to be eligible for this assistance. Check Disaster Declarations to find disaster areas by state and territory.

Homeowners may apply for up to $200,000 to repair their primary home. Secondary homes or vacation properties are not eligible for home disaster loans. Renters or homeowners may borrow up to $40,000 to replace damaged or destroyed private property like clothing, furniture, appliances, or cars. SBA disaster loans offer up to 30-year terms, which is how long you have to repay the loan.

Apply for an SBA loan online by clicking here. As part of your application, you must sign the IRS Form 4506-C to allow the IRS to give SBA your tax return information. Find tips for applying and see a list of required information. If you need help, call SBA’s disaster assistance customer service center at 1-800-659-2955 or email

If you have questions about any of these loans, contact HUD, VA, or the SBA for more information.

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