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.