Regardless of your income or financial situation, it is important that everyone has access to programs and financial assistance so as to help them repair, maintain or make necessary modifications to their home. There are multiple programs and grants available to this effect. There are useful information below on how you can get help with home repairs by utilizing these programs and options available to you.
USDA Program 101
This program can also be known as Section 504 Home Repair Program. It is sponsored and provided by the USDA so as to render assistance to rural residents in predetermined areas with necessary repairs, modernization and improvements to their home. People that can qualify are people that have been unable to secure a loan elsewhere and are below 50% of the median income level for the area. Grants are also available to people above 63 years sometimes.
The stipulations and terms of the USDA Program 101 loans are clearly laid out, and include some of the following:
- The loan can be for no more than $20,000
- The grant can be for no more than $7,500
- The interest rate of the loan is set at 1%
- The grants do not need to be repaid unless the property is sold before a time period of 3 years is up
- Loans will be repaid over the course of 20 years
HUD Title 1 Property Improvement Loan
This loan is given in conjunction with a private lender and the loan can be used to finance large and small improvements for those who qualify. You do not need to use this loan for a structure that is residentially occupied but it must be used so as to substantially improve the condition and or livability of the property.
HUD 203(k) Rehabilitation Mortgage Insurance
FHA home buyers have access to this program so as to improve, repair and upgrade their home. Up to $35,000 can be given from this program. There must inspection and approval of the repairs and improvements by a certified home inspector and or an FHA home appraiser.
This program is different than other programs available in that it can be financed along with a new mortgage in order to facilitate the rehabilitation of a new home purchase. It can also be combined with the current mortgage of a home already purchased in order to secure necessary rehabilitation to the home.
Stipulations of the loan state:
- The home must be at least 1 year old.
- Repairs must exceed $5,000
- The total value of the home must fall within FHA limitations in the area
- Repairs are required to meet energy efficiency and structural standards in accordance with HUD guidelines.
Area Agency on Aging
The major focus of this program is to help seniors age and continue to reside within their homes. For this to be accomplished, this program often offer assistance to qualified seniors in order to make necessary modifications and or repairs to their home so that they can continue to safely live here.
This non-profit organization go along with volunteers and skilled tradesmen to help people in need by providing critical repair services to homes for families and individuals in need up to 10,000 annually.