Daily Archives: March 1, 2017

HUD Program Allows for Home Repairs at Zero Interest

Owning a home can be an expensive process. While mortgage payments, real estate taxes, and insurance costs are high, many people also struggle with having to make improvements and necessary repairs. While paying for these repairs has been difficult for many people, a recent news article (http://www.myrecordjournal.com/news/southington/southingtonnews/9729762-154/home-improvement-loan-program-could-be-extended-in-southington.html) has pointed out that there is a loan program available that could be used to make housing repairs and improvements. However, this loan program is expiring soon so homeowners are encouraged to apply soon.

The US Housing and Urban Development has introduced a program that allows for homeowners to make certain repairs to their home through a zero-interest loan. The repairs that are available for this loan program including life-safety repairs that is necessary to live in the home safely. These can include reaping a roof, windows, HVAC system, and other necessary repairs. The amount of the repairs will vary from one project to the next, but do average around $20,000.

While the program is designed to help people that cannot obtain financing otherwise or have the cash to make the repairs, there are some requirements to qualify. Those that would like to get the loan have to have an income that is under $45,000 for a single person or under $65,000 if you are a family of four. Furthermore, those that want to get the loan will have to have at least a ten percent equity in their homes and be current on all of their federal and state taxes and housing-related payments. .