When you purchased your home you may not have known that in the future the house would become needy of repairs that you simply could not afford. Instead of watching the continuing decline of your home’s health, there could be some help available.
If you’re a homeowner who needs repair work done but can’t afford it you may qualify for help from the government. Federal loan and grant programs are available to those with low incomes, moderate incomes, and the elderly. Disabled homeowners also qualify for certain assistance. The assistance can even include getting help to purchase the home.
For very low-income families who have homes in disrepair, the government will often help with repairs that make the home safer or more sanitary. This would include backed-up plumbing, weak floors, or handicap ramps. It would also cover having a furnace put in rather than using a wood stove or for repairing a leaking roof.
Homeowners over the age of 62 may be eligible for home improvement grants of up to $7500. Loans of up to $20,000 can be paid back at a meager 1% interest from our government. Reasonable credit history is required for large loans, though, so check your credit rating before applying. Grants are not based on credit but on need and qualifications. With grants, there’s only so much money which has been allotted so the sooner you apply the better your chances are of receiving help.
If you’ve been a victim of a hurricane or severe storm and you aren’t a high-income resident you probably qualify for help in having damages repaired. The grants include money for roofs, tree removal, lawn re-grooming, window replacements, and more.
In some cases, you can be reimbursed for the money that you’ve already paid for reparations. Contact your USDA office for more information about this type of assistance. You can also go online and do a search for low-income home assistance to find a number of area government offices that may be of more assistance.
There are assorted loan and grant programs but certain ones will pay for things that others won’t. For instance, rural residents in populations of 10,000 or less can qualify for a loan that homeowners in larger cities can’t. People who own a home in a downtown historic district can receive loans and grants that rural homeowners aren’t eligible to receive.
Some stipulations apply when attempting to get a grant or a loan and there’s quite a bit of paperwork involved in requesting the assistance. It’s also an undertaking that will take a little time to complete. Also, the loans can be requested even if you have another loan against the house, in some cases.
Maximum repayment periods usually run between 20 and 30 years. The applicant is responsible for paying the credit report fee for loans, real estate appraisals, and any loan closing costs. In most cases, any bankruptcies that you’ve had must be at least 3 years old. Collateral on loans is usually a mortgage on the real estate in question.