Every year the US Government gives out millions of dollars in home grants. Known as Federal housing grants these government grants are given out to US citizens, which they can use to pay rent, build or even carry out renovations of their home. The US government has special home grants for low income group families which are given out by local or regional governments. The government gives out these home grants through authorized agencies in the form of free loans which do not require repayment. Low income group families, the homeless, widows, physically handicapped, terminally ill patients and other disadvantaged sections of the society qualify for this loan. With the house being built under the supervision of the authorities, the loan money is given in installments after the completion of each stage of the house.
With the ongoing economic downturn when people are finding it hard to make both ends meet; buying a home seems like a distant dream. But with the numerous home grants being provided by the government as well as private funding organizations, this dream can very much be a reality. Millions are there who neither own a home nor have the means to buy one. Again, there are those who cannot qualify for regular loans due to bad credit history, while some are first-time buyers and do not have knowledge about the workings of the real estate market. Whether you want to buy a home, invest in property or simply re-do your home, housing grants can make all this happen.
There are also separate home grants for first time home buyers. These grants are given out based on the financial need and income capacities of the loan applicants. However, these loans do not pay for the entire expenses of building the home. Instead only enough money is sanctioned for making down payments or closing expenses. Many states use this loan to help lower income group citizens purchase their first homes.
There are several home grants under the US Department of Housing and Urban Development as well as the US Rural Development Housing and Community Facilities Programs, which are given out exclusively for home renovations and repairs.
Home improvement loans – Given out through HUD’s approved agents, these loans let homeowners carry out home renovations and repairs. The maximum loan amount is $25,000 for a single family home and $12,000 per living quarter in a multi-family home. In case the loan amount is more than $7500, it has to be obtained against a mortgage. To qualify for these housing loan, the applicants must have a good credit history.
Home repair loan and grant program – Especially for rural folk with very low income, this program provides home grants for as low as 1% interest, for home repair purposes. Separate grants are also available for senior homeowners aged 62 and above. The maximum amount received as loan can be up to $20,000 for rural folk and $7,500 for senior residents.
Apart from government loans, US citizens can also obtain loans from private organizations to meet their housing needs. Yet every year hundreds of grant programs go unclaimed as many people are unaware of the various loan schemes. As the market is still in the recovery mode and real estate prices are still down, it is the best time to make use of the home grants to purchase your dream home.
Did You Know You May Be Eligible For Housing Grants?
Housing grants give people the means to live safely and securely in a home of their choice. First-time homebuyers and those who rent are all eligible for these necessary housing grants. Many government agencies provide housing grants; the most popular is the Housing and Urban Development agency (HUD grants). For years, housing grants have helped Americans to build stable lives for their families.