Homeowner installing a new roof
Operated through the United States Department of Agriculture, the Rural Home Repair Assistance Program was designed to help rural homeowners with very low incomes to make needed repairs on their homes. If you live in an eligible rural area with a population of 10,000 or less, you can take advantage of the program. "Rural areas not exceeding a population of 25,000 may be eligible, if the homeowner is not within the Metropolitan Statistical Area," according to FederalGrantWires.com.
Identification
"The Rural Home Repair Assistance Program offers loans and grants to very low-income rural residents who own and live in a dwelling that needs repairs that pose a health or safety hazard," according to the United States Department of Agriculture. Repairs that update or improve the dwelling may also be made.
Eligibility
To qualify for a loan, you must reside in a rural area, be unable to qualify for affordable credit from another lender, and your income must be below 50 percent of the median income for the area where you live.
Grants
If you are at least 62, you are eligible for grant funds of up to $7,500, and loans up to $20,000. To receive these funds, you must be unable to repay a loan for the grant portion of the program. "However, if your property is sold within 3 years of the date that your grant was received, your grant funds may be recouped," according to GovernmentPro.com. If you're able to pay back a portion of the cost, loans and grants can be combined up to a total of $27,500.
Loans
If you are not yet 62, you can receive a loan for home repairs of up to $20,000, which must be paid back within 20 years at 1 percent interest. "If your loan is $2,500 or more, a real estate mortgage is required," according to NLS.gov. Full title services that protect the lender's interest in the property are required for loan amounts of $7,500 or more.
Eligible Repairs
Use program funds to make your home more accessible for a disabled family member. "Funds may also be used for repairs such as removing electrical and fire hazards, replacing your roof, and installing a cooling system or insulation and heating," according to StormSmartCoasts.org.
Tags: Assistance Program, Home Repair, Home Repair Assistance, Repair Assistance, Repair Assistance Program, Rural Home, Rural Home Repair
