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This program provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.
Single Family Housing Repair Loans and Grants. What does this program do? Also known as the Section 504. Home Repair program, it provides. loans to very-low-income. homeowners to repair, improve, or modernize their homes, or provides grants to elderly, very-low-income homeowners.
Loans are available up to $20,000 at a one percent fixed interest rate for up to 20 years. Seniors age 62 and older, who do not have repayment ability for a loan, may be eligible for a loan and grant combination to make needed repairs and improvements. The maximum lifetime grant amount is $7,500.
Through the program options below, USDA Rural Development offers qualifying individuals and families the opportunity to purchase or build a new single family home with no money down, to repair their existing home, or to refinance their current mortgage under certain qualifying circumstances.
This program provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.
USDA Home Repair Loans can be used to fund household repairs such as fixing a leaky roof or replacing a broken-down heating system. They can also be applied toward cosmetic or structural improvements, such as additions and kitchen and bath upgrades.
The USDA's Section 504 Home Repair Program, also known as the Single-Family Housing Repair Loans & Grants program, is designed to aid eligible USDA borrowers in making essential home repairs and improvements.
USDA provides homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. The programs also make funding available to individuals to finance vital improvements necessary to make their homes decent, safe, and sanitary.
Applicants provide grants or low-interest loans to repair or rehabilitate housing for low- and very-low-income (1) homeowners. Rental property owners may also receive assistance if they agree to make units available to low- and very-low-income (1) families. Eligible expenses include:
To qualify, you must: • Be the homeowner and occupy the house. • Be unable to obtain affordable credit elsewhere. • Have a family income below 50 percent of the area median income. • For grants, be age 62 or older and not be able to repay a repair loan. What is an eligible area?