USDA Home Repair Loans & Grants
The United States Department of Agriculture (USDA) offers home repair loans and grants to help low-income homeowners in rural areas improve their homes. These programs are designed to help homeowners improve the safety and accessibility of their homes, as well as to repair damage caused by natural disasters or maintain the condition of their homes through necessary repairs.
Contact us at Dunham Service to get more information regarding USDA Home repair loans and grants in Nashville, MI, and the surrounding areas.
The USDA offers two primary home repair loans and grants programs: the Section 504 Home Repair program and the Section 502 Direct Loan program.
- The USDA’s Section 504 Home Repair program offers financial assistance in the form of loans and grants to very low-income homeowners to repair, improve, or modernize their homes. These loans and grants can be used for a wide range of repairs, including roof repairs, electrical and plumbing upgrades, and heating and cooling system replacements, and to make the home more accessible for people with disabilities. The Section 504 Home Repair program is only available in rural areas.
- The Section 502 Direct Loan program provides low-interest loans to low-income households to build, repair, or improve their homes. These loans can be used for various purposes, including new construction, major maintenance, and energy-efficient upgrades, and to make the home more accessible for people with disabilities. The Section 502 Direct Loan program is available in rural and suburban areas.
Both programs are designed to help homeowners with low or very low incomes repair or improve their homes to make them safe, healthy, and more energy efficient. Eligibility is based on income, assets, and the home’s condition. Generally, households that meet the income guidelines and cannot obtain financing from other sources may be eligible for these programs.
However, to be eligible for a home repair loan or grant from the USDA, you must meet the following requirements:
- Income: You must meet certain income limits based on your household size and the area in which you live. The income limits are set at 80% of the median income for your area.
- Creditworthiness: You must have a good credit history and demonstrate that you can repay the loan.
- Homeownership: You must own and occupy the home as your primary residence.
- Location: The home must be in a rural or suburban area with a population of less than 20,000.
- Use of funds: The funds from the loan or grant must be used as determined by the USDA.
In addition to these general eligibility requirements, you must also meet specific requirements for the particular loan or grant program you are applying for.
If you want more information regarding your eligibility in Nashville, MI, contact Dunham Service, and our support staff will answer all your questions regarding USDA home repair loans and grants. Our local representatives can help you understand the specific eligibility requirements for the programs available in your area and determine which program is right for you.