From the roof to the basement you can find a lot of home improvements, renovation, repairs and remodeling projects you'd probably like to do in you home. Or if you're out house hunting, you're probably finding homes out there you like - but you'd really love them after you make your changes in style and function. But in today's housing market full of equity problems, the old way of using a home equity line of credit (HELOC) to pay for these projects is gone. 

What makes a house a home? Sure, home is where the heart is and home where you hang your hat. But what else? Your taste, your style and your ideas make a house a home. Your style may not make my house feel like my home, but when I hang up my art and framed album covers, the house becomes my home. As a home buyer, you can find a great house that has potential, but it doesn't feel like home until you've decorated and remodeled it to your needs and wants. 

If your dream home is a 4-bedroom house with 3 bathrooms, you're probably asking your real esate agent to find you that home exactly. But how many of those homes are in the neighborhood you want? Or how many of those exact houses will fit into your budget? Does someone else want that same house and you're in for a bidding war? With low prices and even lower APR/interest rates, bidding wars are becoming common in some housing markets. But what if you could shift your focus to include houses with one less bedroom and maybe only 2 bathrooms? What if you could buy that house and have a bedroom and bathroom added on by a professional builder for only about $6 a month added to your house payment for every $1,000 in work you finance? Would you consider that house?

The 203k loan from FHA is a home improvement loan meant to help home buyers renovate the house they're buying, all in one mortgage instead of a second mortgage like a home equity loan. FHA came up with the program back in the late 1970's and revamped it, adding the 203k Streamline decades later. Between these 2 options, a home buyer could finance almost any remodeling dream project.

From a new deck (where your dog has the best seat in the house!) to replacing carpet; from a kitchen remodel to adding a bathroom; and from the basement to the roof - home improvements can turn a house into a home. They add character and value to your house. But how do you pay for home improvements when your home has little-to-no equity? The current housing market has stolen equity away from many homeowners. One option is the FHA 203k home improvement loan. It's a way you can either buy a house and fix it up, or refinance and remodel.

What's the better home improvement loan option when it comes to buying a fixer upper? What mortgage will pay for the remodeling you want, or the renovations you need? And just how much will it all cost? If you're looking at a house that needs some extra attention - maybe it's missing the furnace or needs a new roof and paint - then you're probably looking to compare the top home improvement loans: FHA 203k vs HomePath Renovation. 

Did you know you can refinance and remodel with the same mortgage loan option as a home buyer looking to get into a fixer upper? Let me explain. There's a mortgage option from the Faderal Housing Administration (FHA) called the FHA 203k. This mortgage loan allows a buyer to pay for the purchase price of the home plus needed repair or desired home improvements. It's a great option for buyers considering a fixer upper home that needs some TLC. But it's also an option if you own your house and want to add onto it or remodel the home. The best part? It's not a home equity line of credit, so you don't need to have current equity in your house.

Some home buyers in today's housing market want to buy a duplex (or multi-family residence) in order to have the renters pay part of the mortgage. But the problem buyers are running into right now, is that many of these multi-family buildings have been left vacant and need work, or simply need upgrades and remodeling. This is the scenario that prompted one borrower to ask us "Can I get an FHA 203k for a multi-family building?"

Make your dining room and kitchen a true place of gathering with this comfortable kitchen remodel design. You might be able to do the work yourself - but a home improvement loan like the FHA 203k would help you pay for a professional to do the work.

October 2012 update: Find out how to become a 2013 first time home buyer here.

>>> Update: Find out why 2012 is also the year for home improvement loans. Also check out the video below for some 2012 first time home buyer credit tips.

Low interest rates, low prices, great deals...it's definitely the year for first time home buyers. In fact, did you know that interest rates are at 60-year lows right now (for most buyers*)? With rates below 4% for some loans, it's a shock to those who remember paying 12-15% interest rates in the past. Those low mortgage interest rates alone may sway many borrowers into at least considering buying a house. Couple that with low prices from dropping values and foreclosures, and you have yourself a buyer's market. First time home buyers have several mortgage loan options when it comes to tackling this buyer's market. Let's look at a few scenarios.