West Virginia Home Improvement News

Questions And Answers

1. Should I sign any contracts before I know that my MSHDA Home Improvement Loan has been approved?
No. Depending on how the contract is written, you might have to pay for the home improvement even if your loan is not approved.

2. Can my builder help me fill out the MSHDA loan application?
No. A contractor, builder, remodeler, or carpenter must NEVER help you complete a MSHDA loan application, quote interest rates, drive you to the bank, or contact the bank in your behalf. Only you as the borrower should be dealing with the bank (bank can also mean savings and loan or credit union).

3. The contractor who came to my house said he would cut his price if I signed right away. Should I?
No. The contractor may have been trying to pressure you into making a snap decision. Always get additional estimates, and take your time in order to make the best choice. Also remember that under state law, you may generally cancel, within three days, a contract that was signed at your home. For specifics, contact your community agency or lender.

4. My carpenter is willing to start the work before my loan is closed. Should I let him?
No. If MSHDA or the bank finds out that work was started before the loan was closed, your loan will be CANCELED. If you have an emergency situation and need immediate repairs, please contact your bank for assistance.

5. What do you mean by "waiver of liens"?
Under state law a contractor, subcontractor, supplier, etc., may place a lien (a charge or claim) against property if he or she does not receive payment for goods or services provided. Someone holding a valid lien could foreclose, forcing you out of your home! Waivers of liens provide proof that the contractor has paid any subcontractors or suppliers. Ask your financial institution for more information.

6. How long should it take to get my loan approved?
After all required information has been received by the bank, income and credit will be examined. If the information appears acceptable, the package will be sent to MSHDA for final review. Generally, within ten business days, MSHDA will give an answer to the bank.

7. Will I have to mortgage my property in order to receive a MSHDA home improvement loan?
If the amount you borrow is over $7,500, you will have to mortgage your property. A mortgage pledges your property as security for the loan.

8. Can I get a home improvement loan if I am buying my house on a land contract?
Yes. However, since you will not hold title to your home until the land contract holder is paid in full, the land contract holder is required to sign the mortgage if one is placed on the property.

Contact West Virginia Home Improvement Specialist Now

	Did You Know?
	Moisture may cause peeling paint Peeling or cracking paint, on your home's exterior, may be a sign of a humidity problem or improper application. Pealing exterior paint is caused by moisture being absorbed through the back of wood siding and passing through to the exterior surface under