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Some Vital Tips About Home Improvement Grants


Home ownership is without doubt one of keys to having a vibrant and healthy community. In this regard, assisting homeowners improve the overall look of their homes, make them energy efficient and safe is an important function of a number or state and federal programs. These programs are therefore geared towards allowing homeowners make their homes more homely’.

One of the key programs in this sector is the Energy Efficient Mortgage Program which is able to extend your borrowing power quite significantly if you purchase a home with energy improvements or if you opt to upgrade a home’s green features. Anyone who qualifies for a home loan can add this Energy Efficient Mortgage (EEM) benefit to their regular mortgage. It is quite easy and straightforward to add since it doesn’t affect the amount of your down payment or need a new appraisal. The program simply allows the lender the flexibility to extend to a new homeowner the loan limits for energy efficiency improvements.

Apart from this, there are also the HUD 203 (K) Loans which are specifically designed for buyers who want to deal with what is known in the mortgage quarters as a fixer-upper. This is basically a special loan that’s backed by FHA that considers what the new value of your property will be once you have completed the envisaged improvements and then goes ahead to allow the homeowner to borrow the funds he or she needs to undertake the said improvements. The main advantage of this program is that the amount of money that you borrow is considered to be part of the main mortgage and thus enjoys the same advantages you mortgage amount may be having.

Another popular program is the HOME Investment Partnerships Program which is geared toward expanding the supply of affordable housing particularly rental housing for low and very low income Americans and also offer them home improvement grants that are geared towards energy efficiency solutions in the market.

There is also what is known as the weatherization assistance that's specifically geared towards low-income persons. The program aims to assist these low income families achieve high energy efficiency levels in their homes by adopting cost effective mechanisms. This being an Agency under the DOE (Department of Energy) it has since its inception weatherized in excess of 5.5 million homes. This program supports homeowners to enhance the overall thermal and heat efficiency of dwellings by installing a wide array of materials such as furnace efficiency modifications, attic insulation, weather stripping, caulking as well as replacement of boilers, air conditions and furnaces. The program does also support particular mechanical measures to cooling and heating systems. It is worth mentioning that States may from time to time take an average figure as the expenditure level per dwelling after taking into consideration several factors such as unit for materials, labor costs and program support to be equal to a certain amount which is adjusted annually so as to factor in inflation.

Generally, a low income household is defined as a household whose combined income does fall at or slightly below a hundred and twenty five percent (125%) of the poverty level that’s been determined and decided upon by the office of Management and Budget’s poverty income indicators and guidelines.

Here are some of the popular grants for home improvements offered by different government and private agencies. They include but are not limited to the following:

1)  U.S Dept of Housing and Urban Development (Energy Efficient Mortgage)

Mailing Address: 451 7th Street SW, Washington DC 20410

Phone Number: 800-569-4287

Web URL: http://is.gd/GIct9d

Other Programs: this program makes it possible for the homeowner to finance cost effective, energy saving measures as part of the mortgage or make an older and less efficient home more affordable and comfortable. It does also stretch the debt to income qualifying ratios on loans for energy efficient homes.

 

2)  U.S Dept of Housing and Urban Development (203 (k) Rehab Mortgage Insurance)

Mailing Address: 451 7th Street SW, Washington DC 20410

Phone Number: 800-569-4287

Web URL: http://is.gd/6KqrOG

Other Programs: this financing allows borrowers to make several types of improvements such as structural alterations and reconstruction, improvement and modernization to the home’s function, the elimination of safety and health hazards, replacing or reconditioning plumbing, the installation of a well or septic system, major landscape work and site improvements and adding or replacing roofing, downspouts and gutters amongst a whole list of others.

 

3) U.S Dept of Energy

Mailing Address: 1000 Independence Avenue SW, Washington, DC 20585

Phone Numbers: 800-363-3732

Web URL: http://is.gd/DRXICh

Other Programs: homeowners cannot directly apply for this grant from the federal government but can get the loan from the relevant state or local agencies which have been accredited to offer the same.

 


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