What Is A Home Improvement Grant?
February 1, 2008
Home Improvement loans differ from remodeling grants in that the entire amount of a loan has to be repaid to the lender whereas a grant can be seen as a type of gift. However, it is unusual to get the full amount of the repair or improvement works on your house so the costs will have to be partially met by yourself.
Do I qualify for a Remodeling Grant?
Remodeling grants aren’t available for everyone and can only be used for home improvements. Normally they can be given to:
2. Disabled home owners
3. Applicants on a very low income
3. Those with low incomes
Before being approved for a grant a professional inspector will come to your home and decide if repairs or renovation is needed.
The process of obtaining a grant can be time consuming but there are emergency home improvement grants that you can get at short notice. Examples of emergency grants would be if you have a hole in your roof or you have electrical hazards that need repair. Each department has their own rules about in what circumstances a home improvement grant will be given.
Depending upon the type of grant you apply for you will be paid in one lump sum or in payments. A good place to start looking is your local and state government offices or websites. It’s also worth contacting your local Department of Human Services. Each organization sets their own rules about who will receive a home improvement grant.
Be very careful where you get these grants from. Some online agencies that offer grants are scams. Check with the Catalog of Federal Domestic Assistance before giving out personal information.
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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