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.