There is no denying that the pandemic has put it into perspective just how important our homes are to us. It came to no surprise that the home improvement industry boomed in 2020 and will likely continue to do so. However, finances could be one hesitation when homeowners consider whether or not they can swing some updates. Homeowners might be interested to know that there are some ways that the government may be able to help. Let’s take a look at two options.
One program that has been proven beneficial for many is the Title I Program for those looking for some modest and minor changes to their homes. This program ensures loans for updates on single-family homes for up to 20 years and for up to $25,000. Whether you are a homeowner, a long-term renter, or a prospective home buyer, this could be a program for you to advance your home with construction updates.
Another program worth looking into is the Limited 203(K) Program for those wanting to find extra funding to pay for repairs or enhancements to their property, but who are not interested in having to obtain more than one loan. This program works with homeowners or homebuyers financing their mortgages in order to cover the cost of these updates. Such financing can be up to $35,000 and is calculated into the original loan balance. The Department of Housing has composed a helpful list of repairs that are and are not eligible for this program that a homeowner can look into. However we can announce one good thing… roofs and gutters are on the approved list of repairs!
A homeowner doesn’t have to let fear keep them from making important improvements or needed upgrades to their lovely home. We encourage all homeowners to look into these programs and the HUD and FHA websites to see what the government can do to assist with updating a home. Then, Alpha Omega Construction Group, Inc. can help make those updates happen!