Ways the Rural Housing Repair Loans and Grants Program Assists Low-Income HomeownersMay 29, 2018
If you’re on low income, the Rural Housing Repair Loans and Grants Program can assist homeowners. Through the loans and grants assistance, you’ll be able to use the funds to repair, improve or modernize your dwelling. The interest rates are low and extend up to 20 years. But it’s important to note that the loans or grants are solely for improvements and repairs on the home. In some instances, a person can combine both the grant and loan.
There are requirements such as the income level for a person must be lower than 50 percent of the area’s median income. For example, if a home in the community is around $36,000, you’ll qualify if your income is lower than $18,000.
In addition to low income, there are other requirements for the Rural Housing Repair Loans and Grants Program. You must also fall into the senior citizen category of age and live in a rural community. Populated areas that fall below 10,000 residents can be considered rural. Seniors must be over the age of 62 years-of-age. Individuals must be a permanent United States resident or U.S citizen. In order to apply for the grant or loan program, applicants must be the primary owner of the dwelling.
Although the age requirements state a person must be at least 62 years-of-age, there are ways you can apply for the loan if you exceed the age of 18. There will be set limits on the number of non-retirement assets you acquire. If you’re not a senior citizen, the limit on assets is $15,000. For individuals over age 62, the amount is $20,000. Before submission, it’s important to check your application over thoroughly to ensure its eligibility.
The Rural Housing Repair Loans and Grants Program can be helpful to those in a lower income bracket. But there are loan terms. If you meet the requirements, you can secure a grant with a limit of $7,500. The loan is also set with a limit up to $20,000. The interest rates for the 20-year loan is low and set at 1 percent. If you sell the dwelling after three years, you need to repay the grant. The maximum assistance amount for both grants and loans is $27,500. If you’re able to put in a portion of the renovation expenses, you may be offered both the grant and loan programs.
Tips on How to Apply
Applying for the program is easy. You can apply in-person by stopping by the official U.S. Department of Agriculture (USDA) office. You may also find a local state office. In addition to the application, you will also need to fill out the proper financial information. You will be required to place your employee and income information on the document when applying for any form of government assistance program.
There is also a release form that must be signed. This authorizes the RHS to verify important information such as your income both past and current, bank accounts, stock holdings and credit references. They may also request to speak with a previous landlord if applicable. Once the authorization has been signed, it’s valid the entirety of the loan.
What is the Application Deadline?
There is no application deadline for the loan or grant program. You may fill out and submit your application any time during the year. As long as the Rural Housing Repair Loans and Grants Program has funding available, you may apply.
When Can I Expect to Get Approved?
The approval time for the application can vary. It may be dependent on the number of applications the USDA has received. It may also depend on how quickly they are able to verify the information submitted. The area funding may also affect your loan or grants processing.
Why Is the Program Available?
The entire community benefits when homeowners are able to maintain their home and keep up with the repairs. The duty of a homeowner is important as it allows you to build savings and equity over time. This can also strengthen your neighborhoods and keep them prosperous. If you keep up with the repairs and improvements on a dwelling, you’ll also build safer communities. If you have questions, or you would like to fill out an application for this program, you can contact your area’s USDA specialist.
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