A grant offered to first-time home buyers for repairs can help improve any home.
Buying a house is an exciting stage in anyone's life. A good time to buy is when interest rates are low and there are many empty or foreclosed-upon houses on the market. While the houses are often below market value, they also may be in need of repair. When you are a first-time buyer, it is helpful to find grants that include money for home repairs. These vary from state to state.
Purchase Plus Improvement
The grant can be offered by the Housing Authority in your state. Check for availability. According to the Maine State Housing Authority, this grant "allows applicants to borrow more than the purchase price in order to make immediate repairs or improvements to the home."
HeRO Grant
The HeRO or Home Repair Opportunity grant is offered by the Missouri Housing Authority. According to the authority, the grant "provides funding to meet the growing need for home repair for low and moderate income homeowners."
Rural Development Grants
The U.S. Department of Agriculture Rural Development program offers grants to low-income, first-time home buyers that can be used to repair as well as weatherize and improve their property. Grants of up to $7,500 are available for those who qualify.
Tags: grant offered, Housing Authority, first-time home, first-time home buyers, home buyers, Rural Development
