Technically, these loans are for essential objects on your home or other obligatory things that you need a lump sum for resembling rent, furnishings, clothes or debt repayments. As soon as a lie is caught, the lender might void all your application and incur additional fees and penalties. Beforehand, the federal government would guarantee 85 p.c for loans at or below $one hundred fifty,000 and as much as 75 percent for larger loans.