If you are interested in remodeling or upgrading essential features on your home, be sure to check if your project is eligible for government funding before you jump in. There are several different home improvement programs funded by the federal government. If you are making a basic livability repair or improvement to your home—say a necessary addition or a new roof—you may be able to apply for a Title 1 Home Improvement Loan. Private lenders often fund these loans, and HUD insures these loans for up to $25,000 for a single-family home.
However, if you need help refinancing major repairs or rehabilitations to your home, look into a Section 203(K) program. This is HUD’s primary rehabilitation program, and is especially useful for those purchasing ’as is’ properties that need a lot of work.
If you or someone in your family is a veteran, you may be able to apply for a loan from the Department of Veterans Affairs. These loans allow veterans to refinance an existing loan at a lower interest rate, or acquire a new loan to buy or improve an existing home.
If you live in a rural area and need to modernize your home, or remove a health or safety hazard, you may be able to apply for a Rural Housing Repair and Rehabilitation Loan, funded by the Agriculture Department. These loans are extremely low-rate, and available to low-income rural residents.
If your home has been damaged due to a natural disaster, fire or flooding, another financing option you want to consider is a loan from the Small Business Administration, which offers assistance to individuals as well as businesses. These loans cover both uninsured and underinsured losses, and are issued after a disaster declaration is signed by the President or SBA administrator. Applicants need to register with the Federal Emergency Management Agency, and can be eligible for loans up to $200,000 for replacement of a primary residence.
Before you begin funding a major home improvement or repair on your own, make sure to look into all of your options to see if you are eligible to receive government funding for a necessary project.
For more information on home improvement loans, please contact RE/MAX of Boulder, Inc. at 303-449-7000, or RE/MAX of Boulder, Inc.
RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in National Real Estate & Relocation magazine. Real Trends ranked them #1 in the Nation for Closed Sales Volume for 2010. Regionally, for the 4th year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit http://www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder. Subscribe to their YouTube channel and see videos of all their homes for sale at http://youtube.com/remaxofboulder