If You Can Qualify For Home Repair Grants, You're In Luck
Repair grants can be a very useful way of getting essential work carried out, without having to worry about it breaking the bank. They are, however, very difficult to qualify for. Most of the time, loan funds will be made available to carry out the same repairs, but with a requirement that the money be paid back to the lender. There are strict requirements laid down for qualification for either the grant or the loan, and if these are not met, no money will be paid.
The scheme is administered under Section 504. To qualify for home repair grants or loans, you will need to either be a United States citizen, or at least someone who has a legal right to reside in the United States permanently. The age limit is sixty two years. You will need to be on a very low income, less than half the average income for the county in which you live. To qualify for a loan, there is a requirement that you are able to make repayments from your current income.
You will need to be both the owner and the occupier of the property which will be repaired and improved as a result of the loan payment. The credit requirements are strict, in that you need to have a reasonable credit history, but you also need to be unable to secure the credit anywhere else. If you are unable to meet the repayments on a loan, you may be able to qualify for a home repair grant. There are restrictions on the amount of money which can be lent, and also on the purposes for which the money can be used.
There is a limit on the amount of any loan, which must never exceed twenty thousand dollars. The limit for grants is even less, $7,500, and that limit is a lifetime limit. The loan limit is a maximum threshold, so it is at least technically possible to borrow that amount of money, pay the loan down, and then top the loan up so it reaches the limit again. Restrictions on the possible use of the money include not paying off any existing debts, not making any improvements away from the property site, and not making changes which do not affect safety issues.
The purpose behind the grants for home repairs scheme is to reduce safety risks, and, as a consequence, reduce the burden on health services. Although the criteria for loan improvements are not quite so strict as those for grant money, they are still stringent. Good uses for the money include the repair of any roof, heating system overhaul, repair of gas or electricity fixtures, and insulation. Any of these are acceptable uses for Section 504 repair grants.
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