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Home Improvement Grants - The Basics? |
By:
Phil Nichol |
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Home Improvement Grants - The Basics?
Phil Nichol
Home improvement loans are different from home improvement grants. The difference is a loan has to be paid back in full to the lender whereas the grant is a type of gift. However, home improvement grants don't usually cover the full cost of the renovations so some amount has to be from the owners own pocket.
There are a number of limitations regarding who can apply for a home improvement grant but they are usually available to the following:
1. Home owners aged 62 and older
1. Those who own their own home and are aged 62 or over
2. Those who own their own home and are disabled
3. Those with low incomes
A professional inspector is sent out to the house in any of these scenarios to determine if repairs or renovation is needed.
Once you have been approved for the grant, you can use it to repair piping, fix leaks on the roof, in or leaks in the walls, for example. If your home has electrical problems then the home improvement grant can be used to make those repairs as well.
Each state has different agencies that you can contact. Check out your state government website. You should find a section for home improvements or grants there. You can also contact your local Department of Human Services. They can offer you a list of agencies that will help you apply for home improvement grants.
Home improvement grants exist for those people who cannot afford to make their own repairs or for people who cannot get a loan due to bad credit or too much credit. If you think you might be eligible then don't hesitate to apply.
If you are unsuccessful with your grant application you might consider a subsidised loan. You should be able to find interest rates from as low as 1% to a maximum of 5% and you'll also find that they have a long repayment time.
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Article Source: http://www.statssheet.com/articles/article67103.html |
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