As for home equity loans, it's a little more complicated, but essentially you can write off a portion, or all of the interest of a home equity loan, just as you can your mortgage interest. There are certain limitations which are included with the links below.

Finally, there is a subsidized loan offered by the government known as the 203(k) loan. To this day, we haven't had a customer use it, as it is a rare situation. For a homebuyer this can be a very useful tool. If you're buying a home, you can increase your mortgage by up to $35,000 for improvement money. This is money that must be paid back, however it is subsidized by the government to the lender. This plan requires a lot of planning and work, so you should not be in a rush to move in if you are considering the 203(k). Firstly, it typically takes 90 days to close, instead of the typical 30. Secondly, you must submit a plan of action to be taken, along with a quote from a licensed contractor. There is a list of stipulations that go with the 203(k) as well, such as what improvements are covered, so you'll have some homework to do.

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