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.