Property Improvement Insurance Loans are HUD insured from approved lenders. These loans are meant for rehabilitation of existing properties including manufactured homes, single and multifamily homes and non-residential buildings.Making improvements to your home is a worthy investment as it can increase your real estate value and fetch you good returns in future. The process of obtaining home improvement loans has become simple. The Federal Housing Administration (FHA) now makes home improvement loans available to consumers from private lenders at affordable rates. Such housing loans are called Property Improvement Insurance Loans as the U.S Department of Housing and Urban Development (HUD) insures the lender against any losses in the event of default by the borrower. This also happens to be one the most frequently availed of loan insurance products. However, it should be noted that these are not government loans and HUD does not control the interest rates.Under this Title I loan program, property improvement insurance loans are provided to carry out improvement and rehabilitation of properties including manufactured homes, single and multi family homes, non-residential buildings and even historic homes. The loans can also be utilized to obtain fire safety equipment. The owner of the above-mentioned properties or person leasing the property in which case the lease period must end at least 6 months after the repayment of the loan or the person buying the property under a contract is eligible to avail of such loans.Before granting such loans, the credit history of the applicant is verified and his monthly loan repaying capacity is also assessed. Property improvement loans are typically given to make additions to an already existing structure or make alterations to it; make improvements in the roofing, insulation, heating and cooling systems; and to add some finishing touches to the exterior and interiors. Such loans are strictly not meant for construction of swimming pools or hot tubs or for repaying other debts or any other expense not related to your home.In the case of single-family homes, property improvement loans are available for making repairs, modifications and site improvements. Housing loans for multifamily homes are meant only for building changes and repairs, in which case the building must have been constructed and occupied for a period of 90 days. The interest rates are normally fixed depending on the prevailing market rates. But it is subject to negotiation and hence may vary from lender to lender.There may be loans that are offered at lower rates of interest to communities taking part in local housing rehabilitation programs. Loans under the Title I Program are normally insured for 20 years in the case of single and multifamily homes. The maximum amount of loan that can be availed of under this program is $25,000 for a single family home and $12,000 per unit, the upper ceiling limit being $60,000 for multifamily homes.The applicant of property improvement insurance loans in excess of $15,000 who is the owner of the property but not occupying it must possess equity in the property equivalent to the loan amount. Housing loans above $7,500 must be secured by trust deed or mortgage of the property. Only lenders approved by the HUD can provide such loans. For more information on such loans and other Government Loans, refer the HUD/FHA website.