It’s essential that all residents, no matter the income or situation, have access to programs and financial assistance in order to repair, maintain, or make necessary modifications to their home. Thankfully, there are multiple programs and grants in place to help those in need.
See below for useful information on how to get help with home repairs by utilizing these programs and options available to you.
This program is also referred to as the Section 504 Home Repair Program. This program is sponsored and provided by the USDA and helps rural residents in predetermined areas with necessary repairs, modernizations, and improvements to their residence. Only those that have been unable to secure a loan elsewhere and who are below 50% of the median income level for the area will qualify. Sometimes there are also grants made available to those who are 62 years of age or older.
The stipulations and terms of the USDA Program 101 loans are clearly laid out, and state 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
This type of loan is given in conjunction with a private lender and can be used to finance large and small improvements for those who qualify. It’s perfect for those of you on a budget that are looking to do some repairs around the house. The improvement loan does not have to be for a structure that is residentially occupied but must be used in order to substantially improve the condition and/or livability of the property.
This program is available to FHA home buyers in order to improve, repair, or upgrade their home; up to $35,000 can be financed. All repairs and improvements must first be inspected and approved 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.
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.
This establishment is focused on helping seniors age and continue to reside within their homes. In order to accomplish this, this program often will 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 there.
This is a non-profit organization that, together with volunteers and skilled tradesmen, helps those in need by providing critical repair services to homes for families and individuals in need – up to 10,000 each year.