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
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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.