The number of federally insured home improvement loans closed edged up from the previous month. But the number of loans outstanding retreated.
Data from the Department of Housing and Urban Development indicate that the Federal Housing Administration endorsed 58 Title I mortgages during June for $1 million. The number of loans insured crept up from 55 in May.
Title I property improvement loans are used for small and large improvement projects. Funds can finance alterations, repairs and improvements for homes and manufactured homes that have been occupied at least 90 days. They also can be used to alter, repair or improve property for a nonresidential purpose. In addition, Title I loans can be utilized “to finance the construction of a new exclusively nonresidential, and structure.”
The latest monthly activity left FHA’s book of Title I business at 12,450 loans for $243 million as of June 30. Insurance in force was trimmed from a month earlier, when there were 12,747 loans for $249 million outstanding.