Countless homeowners today are struggling. They can barely make their monthly obligations while keeping food on the table. The thought of an expensive home repair fills them with dread. Before panicking, a person must know their financial assistance options. They may be able to afford this repair without breaking the bank.
Anyone struggling to afford repairs should look into various assistance programs. Government grants benefit many, while low-income families may have programs designed specifically for them.
Government Grants
The government wants to ensure people have safe and liveable homes. When repairs are costly, people might be able to obtain a grant. Each program has criteria the individual must meet before any funds are provided. Grants may cover the cost of correcting structural issues or adding safety concerns. Research different grants and apply for those that will help with the needed funds. A grant differs from a government loan, so individuals must know what they are applying for.
Low-Income Programs
Low-income families often struggle to make mortgage payments. Repairs will decimate their budget and leave them unable to afford essentials. Rather than allowing the repairs to remain uncompleted, they should look into low-income repair programs. Local governments and non-profit organizations often oversee these programs, and the homeowner might wish to talk with the local community development agency.
Emergency Repairs
Homeowners impacted by a hurricane, wildfire, or other natural disaster may qualify for assistance through FEMA. This agency works with eligible homeowners to pay for repairs needed because of the disaster. With the help of this agency, homeowners can restore their homes to habitability. The Disaster Home Repair Loan Program administered by the United States Small Business Administration is another resource men and women should look into.
Comparing the Options
Homeowners should always research all options to find the best fit for their needs. As many programs have strict criteria, a person might find that they must obtain the funds for the repairs through a private lender. Before applying for a loan, the homeowner must do due diligence to ensure they are working with a reputable company that will treat them fairly.
Talk with several lenders to learn the terms and conditions of each loan. Compare the interest rate and repayment terms. When talking with lenders, learn more about customer service options and where to turn for help.
In addition, ask if any special requirements come with the loan. There may be a prepayment penalty and other restrictions that could make a loan less desirable. The more a homeowner knows about the loan, the more comfortable they will feel accepting funds from the lender. Finally, read online reviews and testimonials to see what others think about each lender, and check with the Better Business Bureau to learn about any complaints lodged against each lender under consideration.
Homeowners have resources they can turn to when home repairs are needed, but they cannot afford these repairs. Knowing the requirements of each program or grant is critical. A private loan may be the best option if all resources have been exhausted. Before signing for a loan, always know what is expected of the homeowner. Nobody wants to find that the loan is not what they expected or believed, and they now have a bigger problem. Due diligence will significantly reduce the risk of this happening.
