Government Loans and Grants for Rehab Homes

Government Loans and Grants for Rehab Homes


Government Loans and Grants for Rehab HomesMany homeowners plan to rehab homes for health and safety upgrades as well as for aesthetic purposes. Unfortunately, not having the funds prevents them from completing these repairs that are sometimes much needed.

Fortunately, the government is addressing this issue by creating a program. The initiative, called Home Repair Grants, Loans and Programs, aim to help low-income homeowners, senior citizens with a fixed income, or those struggling with financial difficulties who may need financial assistance to make needed home repairs.

The program is sponsored by the U.S. Department of Agriculture (USDA) and governed by The Housing Act of 1949 and Direct Single Family Housing Loans and Grants Field Office Handbook .

Homeowners might be able to find a solution for home repair and renovation needs with any of these following programs:

Eligibility Requirements for Government LOANS for Rehab Homes:

  1. A homeowner with a very low income.
  2. A U.S citizen or a permanent rural area resident.

How much can you get with a loan?

The maximum loanable amount is $20,000

What are the loan terms?

  1. For loans amounting more than $7,500, a mortgage and full title services are required.
  2. Loans and Grants can be combined for up to $27,500 in assistance.
  3. Fixed interest rate of 1% for up to 20 years.

Eligibility Requirements for Government GRANTS for Rehab Homes:

  1. Must be 62 years old or above.
  2. A homeowner with a very low income.
  3. A U.S citizen or a permanent rural area resident.

How much in grant money can you get?

Maximum grant amount is available for up to $7,500.

What are the grant terms?

  1. A lifetime limit of $7,500.
  2. If the property being rehabbed was sold in less than 3 years, grants must be repaid. If not, then that’s free government money for the homeowner!
  3. Loans and Grants can be combined for up to $27,500 in assistance.

 

How to Apply for a Loan/Grant for Home Rehab

  1. Simply contact your local Rural Development office, or use this office locator tool to find them in your area: > https://offices.sc.egov.usda.gov/locator/app
  2. You can also use the online form for your application here: > https://www.sc.egov.usda.gov/

For more information on the Government Loans and Grants for Rehab Homes, visit the official website of the U.S. Department of Agriculture (USDA). If you have questions on whether or not you should rehab your home or sell it for cash, please call us at 216-282-4332. We have helped many folks who may not have the funds, time or resources for a house rehab but still want to sell.

Follow by Email
Facebook
Facebook
Google+
Google+
http://www.cpdhomes.com/cleveland/government-loans-and-grants-for-rehab-homes/
LinkedIn
Pinterest

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Top

Enjoy this blog? Please spread the word :)

  • Follow by Email
  • Facebook
    Facebook
  • Google+
    Google+
    http://www.cpdhomes.com/blog/government-loans-and-grants-for-rehab-homes
  • LinkedIn
  • Pinterest