A United States Department of Agriculture program offers home-repair grants to low-income homeowners.
Home repairs are a burden associated with owning a home, but low-income families sometimes find it difficult to scrape funds together to keep up with home maintenance and costly repairs. In some scenarios, owners use home equity loans to offset out-of-pocket expenses, but there's a grant program for qualified low-income families that don't qualify for home equity loans. Does this Spark an idea?
USDA Rural Repair and Rehabilitation Grant
The United States Department of Agriculture offers a low-income home-repair program grant not to exceed $7,500. The homeowner must apply and meet the eligibility guidelines set forth by the USDA before funds are disbursed.
Qualifications
In order to qualify for a USDA home-repair grant, a homeowner must be over 62, unable to repay a Section 504 loan and unable to take out a loan from traditional lending institutions in home equity or personal assets. Regarding the income portion of the qualifying process, the guidelines state that the owner's income cannot exceed 50 percent of the area median.
Property Location
Part of the qualification process for a grant rests in the location of the property--USDA grants and loans are not available in larger, urban areas. Eligibility is determined using the USDA website.
Tags: home equity, Department Agriculture, equity loans, home equity loans, homeowner must, low-income families
