Is the Single Family Home Loan Right For You?

Amongst the many homeloan grants that are provided by the government, there is a home loan grant that is known as the Single Family Housing Repair Loans & Grants. This specific loan is targeted towards those families who earn a very low income and are unable to repair, modernize or improve their homes. Also, this loan is available for the elderly homeowners with a very low income who are unable to pay for the removal of safety and health hazards.

QUALIFICATION REQUIREMENTS

To qualify for the Single Family Housing Repair Loans & Grants, you must:

·         Be unable to obtain credit (affordable) anywhere else

·         Have a monthly family income that is less than the 50% media income of the area

·         Be the owner of the house

·         Occupy the home as your primary residence

·         To apply for the grant, you must be of age 62 years or older and unable to repay a loan

TOTAL AMOUNT OF FUNDS

Through this program, the maximum amount for:

·         Loan - $20,000

·         Grant - $7500

·         The loan and grant can be combined for a total of $27,500 in the form of assistance

USE OF FUNDS

The funds acquired through the Single Family Housing Repair Loan & Grants can be used for the following:

·         Grants must be used for the removal of safety and health hazards in the home

·         The loans can be used to modify, improve or repair homes

·         The loans can also be used to remove any safety and health hazards

TERMS AND CONDITIONS

The following are the terms of the grant or loan for this program.

·         The fixed rate of interest for the loan is at 1%

·         The loan can be repaid over a period of 20 years

·         For loans, full title service of $7500 or more is required

·         Grants have a lifetime limit of $7500

·         If the owner sells the property in under 3 years, then the grant must be repaid

·         A loan and grant combination is offered to those applicants who are unable to pay for the loan but can only repay a part of it.

Author Bio:

Joan G Zaldivar with his 20+ years of combined experience as Real Estate Agent and as Senior Home Loan Specialist is a wealth of knowledge plus helping buyers or sellers with home loangrants and finding best home loan grants programs that best fit their needs and requirements. Read his articles to learn more about the different government home loan grants that are available to homeowners.

Single Family Housing Repair Home Loans And Grants

The Single Family Housing repair home loan grant is amongst the many home loan grants that are provided by the US government to home buyers. This specific program is targeted towards those homeowners who earn a very low income and wish to improve, repair or modernize their homes but lack the funds to do just that. This program is also directed towards the elderly homeowners who wish to remove safety and health hazards from their homes but financial constraint makes it impossible for them to do so.

In order to qualify for this program, you must meet the following criteria:

• ·         Not only should you be the homeowner but you must also occupy the house
• ·         Your family income must be below the 50% median area income
• ·         Be unable to obtain credit anywhere else
• ·         Must be over the age of 62 and unable to repay a loan for repairs
• 
  

The funds in the form of a loan may be used to modernize, repair or improve their homes along with removing any safety and health hazards. The grant funds, however, must be used to remove any health and safety hazards.

Through this program, the maximum loan amount is $20,000 while the maximum grant amount is $7,500. In order to apply for financial assistance through this program, the following terms must be met:

• ·         The overall loan amount can be repaid over the period of 20 years
• ·         The interest rate of loan is fixed 1%
• ·         The lifetime limit of grants is $7,500

·         If an applicant applies for a grant, then it must be repaid if the property is sold in under 3 years

·         An applicant who is able to repay a part of the costs, then he/she may be offered a grant and loan combination

The Single Family Housing repair home loan and grant’s main is to help people stay in their home and maintain it in order for their family and communities to thrive and flourish. Through homeownership, individuals and communities are able to develop their savings which help to strengthen businesses and communities over time.

Author Bio:

Joan G Zaldivar with his 20+ years of combined experience as Real Estate Agent and as Senior Home Loan Specialist is a wealth of knowledge plus helping buyers or sellers with home loan grants and finding best home loan grants programs that best fit their needs and requirements. Read his articles to learn more about the different government home loan grants that are available to homeowners.

How I Purchased My Dream Home On A Teacher’s Salary

We always talk about home ownership, loans, grants and different programs that you can explore to finally buy that home you have been dreaming to own. Today, it will be a bit different because I am going to be sharing with you a client’s homeownership experience in hopes that it will encourage you to explore some of these loan options for your own home purchase.

Below is her story in her own words.

Purchasing a home on a teacher’s salary is something that is not impossible but can be quite tough especially if you are a single parent – like me. An elementary school teacher teaching classes 3 and 5, my salary was just enough to afford me a decent size house on rent, a car (on monthly installments) and provide just enough to cover my home expenses and indulge my two daughters a bit. I never thought that I would be able to one day say that I am a homeowner, since piling expenses had led me to somewhat slide on the credit payments resulting in a lower credit score than is deemed eligible by most lenders – until a colleague suggested that I search for various government home loan grants – which is how I came to know about the ‘FHA Home Loan’ program.

This specific program is designed by the Federal Housing Administration exclusively for those families with low to moderate incomes and a low credit score. This program gave me hope because: 

A)      I was earning a pretty modest income (teacher’s salaries can’t buy you mansions unfortunately)

B)      My credit score was low

C)      I didn’t have enough cash reserves for a large down payment  

At first I wasn’t too sure about applying for a government home loan grant, however, all that changed when I saw the benefits that the FHA offered. Apart from providing financial assistance to those who are unable to afford a home, the program offers the following benefits to the applicant:

·         Lower and competitive interest rates 

·         Assisted with closing costs since the FHA enables the builder/lender/seller to pay a fraction of the closing costs during the time of the purchase

·         It was very easy to apply and qualify for the loan

·         The amount of information that was available online really helped me in my search for not only additional information about this program but also approved lenders in my area.

If you fit the above eligibility criteria, this is a program that I would recommend to all those who are searching for assistance in purchasing their homes – it turned my dream of owning a home in to a reality and I hope that it can help you achieve yours.

 Author Bio:

Joan G Zaldivar with his 20+ years of combined experience as Real Estate Agent and as Senior Home Loan Specialist is a wealth of knowledge plus helping buyers or sellers with homeloan grants and finding best home loan grants programs that best fit their needs and requirements. Read his articles to learn more about the different government home loan grants that are available to homeowners.

home loan grants

If you are in the process of searching for a home, then you would want to take a look at some of the homeloan grants that are available for first time homeowners. These home loan grants have been designed specifically keeping in mind the different problems that are faced by these home buyers and are a good option to consider when you, yourself are planning to purchase your home.

Good Neighbor Next Door

This program is sponsored by the HUD and its main purpose is to provide housing aid for firefighters, law enforcement officers, emergency medical technicians, and teachers who teach pre-kindergarten through 12^th grade.

Fannie Mae Or Freddie Mac

Government sponsored entities, Fannie Mae and Freddie Mac work with local lenders to provide mortgage options for those families who fall under the low to moderate income bracket. Financial aid
is provided in the form of competitive interest rates and lower down payment.

Energy Efficient Mortgage

A green mortgage as often called, this program is designed to assist homeowners with home improvements and make the home more environmental friendly. This loan is supported by the federal
government through the VA and FHA programs.

Native American Direct Loan

The Native American Veteran Direct Loan program established in 1992 and is focused on providing Native American veterans along with their spouses purchase homes on federal trust lands. This loan has the backing in the form of VA acting as the lender. If eligible, the person won’t have to worry about paying for a down payment or even pay for the private mortgage insurance.

Author Bio:

Joan Gallardo with his 18+ years of experience as Senior Loan Officer is a wealth of knowledge dealing with home loan grants. Read his articles to know about the different home loan grants and programs that are available for homeowners along with tips for acquiring one that best fits your needs.

Down Payment Assistance Programs In Houston

Acquiring a property in a major city like Houston can be quite costly, which is the reason homebuyers tend to search for up front installment help with Houston. With more than 2000 initial installment help programs the nation over, influencing that fantasy to home buy does not appear to be so far distant. So how do these projects offer assistance? Up front installment help with Houston for the most part works by furnishing the home purchasers with the cash they require to finish their home buy. Despite the fact that these up front installment help programs have a tendency to be controlled by the legislature or state, there are a lot of non-benefit associations that offer help for up front installment.

Despite the fact that each program has its own particular arrangement of prerequisites, there are 3 factors that are observed to be normal among them all. Read on to take in the qualification prerequisites for the up front installment help programs in Houston.

 to meet all requirements for up front installment help, you should be a first time purchaser. So on the off chance that you are wanting to buy a property for speculation or a getaway home, at that point that is impossible. The Department of Housing and Urban Development characterizes first-time purchasers as the individuals who have not beforehand claimed a home or has not acquired a home over the most recent three years.

If obtaining a home through this program is the thing that you are wanting to do, at that point you need to ensure that the home falls under the geographic limits of the program.

so as to fit the bill for this program, your wage level ought to be underneath the salary edge that is set. Since initial installment help is accommodated the individuals who can't buy a home because of monetary inconveniences/confinements, each program has set a pay edge that should be met with a specific end goal to fit the bill for this credit.

Different necessities for initial installment help with Houston additionally incorporate credit principles that are set out by every moneylender alongside advising for the home purchasers about the duties that run with owning a home and overseeing credit/installments.

Author Bio:

Joan G Zaldivar with his 20+ years of combined experience as Real Estate Agent and as Senior Home Loan Specialist is a wealth of knowledge plus helping buyers or sellers with down payment assistance in Houston and finding best down payment assistance programs that best fit their needs and requirements. Through his articles, you will get to learn several tips and tricks that can help you to save big on your home purchase, along with the different down payment assistance in Houston options that are available to homeowners.