(ProsperNews.net) – Home repairs can be frustrating, but new roofing, plumbing repairs, or insulation are essential for keeping your home safe and secure. Whether it’s from regular use and wear and tear, buying a house as-is, or even weather-related events, repairs come with the territory of home ownership, but they can be costly and time-consuming. Budgeting for those necessary repairs can be particularly difficult for low-income households. However, there are federal grants for home repair assistance that can make the difference in saving your home or facing further damage.
203(K) Rehab Mortgage Insurance
The U.S. Department of Housing and Urban Development (HUD) is known for helping low-income individuals and families obtain safe, affordable housing. They also offer homeowners the opportunity to afford much-needed home repairs through home improvement grants and loans. One of the most popular and well-known options is their rehabilitation and repair loan. 203(K) Rehab Mortgage Insurance helps homebuyers finance the purchase and rehabilitation of a house or to finance the rehabilitation of their current home by insuring mortgages. Borrowers must spend at least $5,000 on home improvements, but the loan provides an alternative to traditional home improvement loans, saving time and money with lower interest rates and longer repayment terms. Talking to a representative will also allow you to explore other grant opportunities.
Single Family Housing Repair Loans & Grants
Single Family Housing Repair Loans and Grants are part of the U.S. Department of Agriculture (USDA). The program is also known as the Section 504 Home Repair Program. The program provides loans to very low-income homeowners, allowing them to repair, improve, or modernize their homes. It also offers grants to very low-income elderly homeowners to remove health and safety hazards. The maximum loan amount is $40,000, the maximum grant amount is $10,000, and they may be combined.
Title I Property Improvement Loans
A Title I Property Improvement Loan is another type of mortgage insurance homeowners can use through HUD. Title I loans can be used in conjunction with the 203(K) Rehab Mortgage Insurance, but this is not necessary. Title I must be used to “substantially protect or improve the basic livability or utility of the property.” Improving accessibility, adding solar energy, and similar improvements can be implemented to take advantage of a Title I loan.
FEMA Disaster Assistance
Homeowners in an area that has experienced a natural disaster may be eligible for grants from the Federal Emergency Management Agency (FEMA). The Individuals and Households Program (IHP) may provide direct or financial assistance for disaster-caused housing needs. It may be available to those who do not have their needs covered by insurance or other sources and can include finding temporary housing, home repair assistance, or home replacement assistance.
Weatherization Assistance Program
High energy bills and uncomfortable or unsafe homes can be problematic, but the U.S. Department of Energy’s Weatherization Assistance Program assists low-income families with this by increasing the energy efficiency of their homes. This can increase energy efficiency, reduce energy bills, and help ensure health and safety. The program helps with weatherization improvement and upgrades, which may include repairing or replacing heating or cooling systems, installing insulation, repairing or replacing primary doors or windows, air sealing, and more. Interested individuals can contact their state weatherization assistance program to learn more about applying for weatherization assistance.
Find Home Repair Assistance Through Government Programs
If your home needs improvements, repairs, or weatherization, but costs have been a barrier, there are viable solutions. Various local, state, and federal government programs, grants, and loans exist to assist homeowners with rehabilitating their houses to create a safe living environment. Homeowners should contact various agencies to determine eligibility and get assistance with the application progress.
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