 |
An Introduction to a Home Repair Grant
Author: Craig Elliott  | Posted: 06-02-2008 | Comments: 0 | Views: 6 | Rating: (50)  (?) 
What is a Home Repair Grant?
Home repair grants are a way for people to pay for home repairs that may otherwise remain unfixed. Home repair grants can bring electric wiring up to code, repair or replace septic systems, and add energy saving features such as insulation and storm windows.
Home repair grants are available from a variety of sources, with differing qualifications. The common denominator is, of course, ownership of the home. Proof of income, work completed by a licensed contractor, and a limit to the dollar amount of the work are all considerations that must be made when finding the appropriate grant.
Home repair grants, as a rule, are for repairs necessary for safe habitation of the home or to make the home more energy efficient. Home repair grants will typically not cover painting, home additions, or landscaping.
Who Provides Home Repair Grants?
Home repair grants can come from a variety of sources. The federal government, through the United States Department of Agriculture, is one provider of home repair grants. Many states and communities also provide home repair grants. While it may seem impossible to find these grants, don't be discouraged.
One way to find local recommendations for home repair grants is to contact your local bank or other lending institution. Familiar with home repair issues, most lending institution can point you in the direction of an appropriate granting agency.
If your housing situation needs immediate help, you should contact your local municipality. Many communities offer emergency grants for immediate needs, such as a broken furnace or water problem.
Who Can Qualify for a Home Repair Grant?
Home repair grants are typically aimed at those people that would not qualify for a traditional home equity line of credit or personal loan. Whether due to age, income, or credit history, home repair grants can close the gap between a traditional home improvement loan and allowing a home to fall into a state of uninhabitable disrepair.
If, after researching your options, you find that you do not qualify for a home repair grant, there are other choices available. The same agencies that provide home repair grants many times will also offer low interest loans. While there are still stipulations on the types of home repairs that can be implemented with this money, the qualifying process is typically less rigorous than for a line of home equity credit from a lending institution.
Will My Home Repair Be Covered By A Home Repair Grant?
Home repair grants cover a variety of home improvement projects. Typically projects that are funded by the federal government have stringent guidelines for approval. Generally speaking a home that has safety concerns, such as outdated electrical wiring or an old porch that makes entering and exiting the house potentially dangerous would be considered for a home repair grant. A federal grant may also pay for adding insulation, repairing or replacing windows and doors, or doing other types of work to make the home more energy efficient. A federal grant will not pay for a kitchen remodel, adding closets or storage space, or other project that could be considered cosmetic. In addition, a federal grant will not pay for repairs on a home that will remain questionably habitable even after repairs.
State and community level grants have different qualifying standards, and vary greatly. While some grants will mirror closely the directives of the federal programs, other grant programs are for a particular purpose. Some programs are aimed at making homes more energy efficient, more attractive, or preserving original structures. These programs, while still maintaining tough standards for qualifications, can be an excellent way to obtain money if your project lines up with their purpose.
Other state and local grant programs are geared toward particular recipients, whether they are first time homeowners, the elderly or other groups within the population. If you qualify for one of these grants, you may find fewer restrictions on the type of home improvements that you may make. As with any grant program, it is important to make sure that your plans match up with the plans of the grant making organization before you begin the remodeling process.
While it may seem that applying for and accepting grant money limits the options available to homeowners, the reality is very different. Home repair grants are a way for people that would not normally be able to make improvements to their homes to do so. In addition to making their homes a safer and more comfortable place to live, they also increase their property values as well as the value of the neighborhood.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/mortgage-articles/an-introduction-to-a-home-repair-grant-326201.html
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Related Articles
The Pros and Cons of a Bi-weekly Mortgage
By: Grant Eckert | 06/02/2008 | Mortgage
Having a mortgage can be expensive; with the interest that is charged over the life of your mortgage, a large portion of what you end up paying is nothing more than interest payments and not the loan itself.
Refinancing Your Home Mortgage Following Bankruptcy
By: Craig Elliott | 04/03/2008 | Mortgage
Bankruptcy is the last step for most people who are undergoing tough financial times. Many people fear that by declaring bankruptcy they will ruin their credit for the rest of their lives, but they find that they are able to begin rebuilding credit immediately after the bankruptcy becomes final.
The Pros and Cons of Adjustable Rate Mortgage
By: Grant Eckert | 06/02/2008 | Mortgage
An adjustable rate mortgage, commonly referred to as an ARM, is a mortgage where the interest rate on the mortgage changes periodically, on a schedule, according to an index.
The Current Status of Jumbo Loans
By: Grant Eckert | 04/03/2008 | Mortgage
Are you thinking about purchasing a house that costs more than $400,000? Unless you are planning to make a significant cash down payment on your new home, it is likely that you will need to apply for a jumbo loan.
A Brief Explanation of Mortgage Fees
By: Craig Elliott | 30/12/2007 | Mortgage
In addition to the loan itself, your mortgage has a number of fees associated with origination of the loan, as well as some ongoing costs. Some of these are payable in advance, and others must be paid when you close on the property. In general, these costs typically total between three and five percent of the value of the property you're buying.
Top Ways to Benefit From the Current Mortgage Crisis
By: Grant Eckert | 06/02/2008 | Mortgage
The current mortgage crisis might be a nightmare for the people who are directly involved in it. However, with a little bit of smart planning and a lot of hard work you can benefit from this mortgage crisis and come through the other end with flying colors.
The Mortgage Forgiveness Debt Relief Act of 2007-what You Need to Know
By: Craig Elliott | 04/03/2008 | Mortgage
"When the country runs out of money", legendary comedian W.C. Fields once told a reporter, "then we'll just have to print some more". If things were really that simple, tax season would become a greater celebration than Christmas, Halloween and The Super Bowl all wrapped into one.
Mortgage Interest Rates-the Current Situation
By: Grant Eckert | 28/11/2007 | Mortgage
There has always been much talk about current mortgage rates, and what exactly is going on with them. It seems that the scene is always shifting.
Got a Question? Ask.
Ask the community a question about this article:
Q&A Powered by: 
Latest Mortgage Articles
Refinance Mortgage Loans: Costs and Benefits That Go With it
By: Ernesto Maitim | 16/10/2008
Refinancing your home mortgage is not an easy task; nor is it free. Before applying for one, check on your lender all the costs and fees that you need to pay. Such costs vary from one lending company to another.
Refinance Home Loan: Simply a Great Financial Option
By: Ernesto Maitim | 16/10/2008
More often than not, there really is a need for your home loan to be refinanced. It helps settle your previous loan you obtained using your home. One reason for refinancing is to better settle your loan by having a much lower payment.
Refinancing Mortgage Loans for Bad Credit
By: Ernesto Maitim | 16/10/2008
Refinance home mortgage is a great means to deal with your loan, despite the bad credit. In fact, refinancing can help you get a great deal by having cash and at the same time the opportunity to improve your credit rating.
House Mortgage Credit – the Most - Excellent Four Guidelines to Get Geared Up and All Set
By: Alien | 16/10/2008
Consecutively for a house mortgage finance to go effortlessly all the way through the procedure of submission, certification & closing, assured responsibilities ought to be accomplished on the way to the fulfillment of the lender. At hand are a few of these responsibilities that can & must be finished prior to yet looking for an asset that will turn out to be a dream home.
Mortgage Loan Conclusion – U Need to Search and Go
By: Alien | 16/10/2008
Well done. Your finance credit has been accepted & you have acknowledged an obligation as of your lender. At this moment, merely the conclusion relics prior to you can name the residence your personal asset.
Keep in mind, although you have marked acquisition contract, you encompass no privileges to the assets, as well as right of entry, awaiting the officially permitted designation to the assets is shifted to you & finance is clogged.
Mortgage Loans Across - The-board
By: Alien | 16/10/2008
Mortgage Loans at comprehensive costs; is it feasible?
The reply is an unambiguous okay. Just similar to some other item for consumption in the marketplace, credit charges can be moreover put up for sale or across-the-board depending on how know-how & knowledgeable you are like a customer.
Factors That Influence Variable and Fixed Canadian Mortgage Rates
By: RateSupermarket.ca | 16/10/2008
What actually influences Canadian mortgage rates? This article outlines what factors affect variable and fixed mortgage rates in Canada.
Free Online Mortgage Refinance Quotes: Providing Valuable Service to Consumers
By: John Hasenauer | 16/10/2008
You can easily get free mortgage refinance quotes from online mortgage comparison websites. These sites serve to connect borrowers to hundreds of lenders, making mortgage and loan comparison easier.
More from Craig Elliott
Why You Should Consider an Adverse Remortgage
By: Craig Elliott | 04/03/2008 | Mortgage
There are many reasons to consider an adverse remortgage, particularly if you have a variable rate adjustable rate mortgage (ARM) that is getting close to a scheduled adjustment. Many individuals who borrowed money to purchase a home under the sub-prime lending market have mortgage loans with very unfavorable terms.
The Mortgage Forgiveness Debt Relief Act of 2007-what You Need to Know
By: Craig Elliott | 04/03/2008 | Mortgage
"When the country runs out of money", legendary comedian W.C. Fields once told a reporter, "then we'll just have to print some more". If things were really that simple, tax season would become a greater celebration than Christmas, Halloween and The Super Bowl all wrapped into one.
Refinancing Your Home Mortgage Following Bankruptcy
By: Craig Elliott | 04/03/2008 | Mortgage
Bankruptcy is the last step for most people who are undergoing tough financial times. Many people fear that by declaring bankruptcy they will ruin their credit for the rest of their lives, but they find that they are able to begin rebuilding credit immediately after the bankruptcy becomes final.
Title: How to Find the Best Mortgage Protection
By: Craig Elliott | 04/03/2008 | Mortgage
Once you have decided to protect your family's future by purchasing mortgage protection coverage, the next thing you will have to do is find the best mortgage protection insurance policy for your needs. There are many different mortgage protection choices, with widely varying premiums and benefits.
An Introduction to Mortgage Protection Insurance
By: Craig Elliott | 04/03/2008 | Mortgage
Purchasing a home is a major expense that requires a significant and long term financial commitment. When you initially apply for a mortgage, you are approved for loan funding based on your financial status at the time of application. Most people do not expect that their financial situations will get worse over time, but in some cases that is exactly what happens.
A Summary of Mortgage Fees
By: Craig Elliott | 04/03/2008 | Mortgage
Most people focus on the current mortgage interest rates when shopping for a home loan. Interest rates are certainly important, but they do not represent the only significant expense associated with financing a home. When you are making plans to purchase a new home, it is important to consider the big picture of all the fees associated with getting a mortgage, rather than focusing solely on interest rates.
An Introduction to Mortgage Backed Securities
By: Craig Elliott | 06/02/2008 | Mortgage
Mortgage backed securities are securities that are backed by the principle and interest payments on a group of mortgage loans. Lenders group together mortgages and the money that is repaid by the borrowers' pays investors in the mortgage backed securities.
How to Pay Off your Mortgage Early
By: Craig Elliott | 06/02/2008 | Mortgage
A mortgage is generally one of the biggest debts that a person faces in life, and a large part of that expense is due to the interest that is added on as time goes by.
|
|
Finance 
