What Are Government Home Improvement Grants?

The United States Federal Housing Administration has realized the need of homeowners to rehabilitate their houses. This is why they have devised a way to help individuals get the finances that they need by way of grants and special loan programs.

With the help of the United States Department of Housing and Urban Development, they have made these grants available to eligible individuals. It should be noted that they do not fund these grants themselves. They have simply made a resolution which ensures both the lender and the grantee the government home improvement grants to be secured. This means that the accredited lending institution will be insured from the risk of default. They have set guidelines as to how a grant should be based upon, including the cost and the terms of payment. The lender determines the amount of the loan to be granted as well as to impose the interest based on the current market rates.

An eligible individual would be the owner of the property, a person who is in the process of purchasing a piece of real estate under a land installment contract or an individual who is leasing the property (provided that they meet the terms and conditions). The government home improvement grants can be used to rebuild a home damaged by calamities. They can also use these to remodel the home to accommodate new members of the family. And these can even be used to preserve ancestral or family homes which have been exposed to wear and tear through generations.