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As we all know, the housing bubble has popped. This has put a strain on people who were hoping to use the increased monetary value of their homes to perform some much needed home upgrades. The crash in housing values across the nation means there are many people who are now living in homes that have not built up any added value over the past several years.

In a normal active economy if you bought a home for $180,000 five years ago it might actually be worth $185,000 now. You would then be able to borrow money against that added value from a bank and use that money to upgrade your home. That’s the sign of a rising housing market: you could buy a house for a certain value one year and in the next year the value of the home would actually increase by a few percentage points.

Unfortunately many people don’t have that extra home value which is known as “equity.” Most home prices have actually plummeted in the past year or so, which means a lot of people are now paying for homes that are now worth less than what they originally paid. When you owe more money on a house than what it is worth then you are said to be “underwater” with your mortgage.

If you’re looking for a large home remodeling loan then you may want to think about applying for an FHA Title I home improvement loan from an eligible loan partner. There are lots of sellers of these kinds of loans, they offer a low interest rate and you can be eligible to pay it off over a generous 15 years. Just about any homeowner can apply for an FHA loan and eligibility is less restrictive than most traditional bank loans. You do not have to have equity in your home to get an FHA Title I home improvement loan.

Another great way to keep the high price of a home remodeling project down is to do at least some of the work yourself. There are lots of easy DIY home improvement projects most people can do around their houses with just a little bit of know-how and some elbow grease. For many home improvement jobs the largest expense often comes from the amount of manual work involved, so by doing some of that work yourself, you can really shrink the total cost of the overall job.

As expected, large home projects always end up costing more than the small ones. Most manageable house repairs can become major headaches if they are allowed to go unfixed for too long. If you have a serious house repair that needs to be done, don’t let a lack of equity prevent you from obtaining the money you need to make the improvements.

Want to discover more ways you can finance those home improvements? There are lots of different home improvement loan options available today depending upon your credit rating and home value.

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