There's almost no way around the high cost associated with home renovation, and most people don't have the funds to improve their homes as they would like to. When you decide to renovate your home, you'll have to decide how to go about funding the project. Many people try traditional routes like bank loans or home equity lines of credit, but those are only viable options for those with the proper credit score or a high level of equity in their home. Some choose to refinance their existing mortgage, which can help with overall costs. Unfortunately, there are many people who simply can't use one of these options due to insufficient prerequisites.
Perhaps you're in the market to renovate your home, but you don't have the credit to do so on your own. Perhaps you aren't eligible for a bank loan. If your desired renovations are merely aesthetic and technically unnecessary, this isn't a huge issue since you can put off the remodel. However, if your renovations are more essential, how can you find the financing you'll need to make the changes? It's possible that your home might need a major renovation in order to make it livable. In those cases, you might be eligible for a home improvement grant from the government.
Home Improvement Grants
If you are a homeowner with low income, and your home requires essential repairs, you could be eligible for one of the dozens of federal programs to aid such individuals. Your location will determine what sort of programs are available to you, and there will be a list of other factors that you must meet to be fully eligible. HUD, or the Department of Housing and Urban Development, offers a number of helpful programs, including:
- Property Improvement Loans
- Rehabilitation and Repair Loans
- Home Improvement Loans for Native Americans
- HOME Program (Community-Centered)
- Rural Home Improvement and Repair Grants
For those with extremely low income who have difficulty making payments, the Department of Agriculture offers several grant opportunities as well. They provide Section 504 Home Repair Programs, and while these are hard to receive, they can help those in the direst of circumstances.