2007-06-14 16:12:35 · 7 answers · asked by H.Cook 1 in Business & Finance ➔ Renting & Real Estate
Actually, there are some communities throughout the US (many communities) that offer grants and money to homeowners to fix their homes up and improve their homes to keep the houses in the community looking nice, which helps the community overall by increasing values. The programs vary in how they work by each communities guidelines but the money must be used for home improvements and they will require proof and contract usually. Sometimes this money will not need to be back at all, sometimes it will need to be paid back in full but without interest, and sometimes only some of the money will need to be paid back. The catch usually is that you need to live in the home for the next xxxx amount of years (usually 10-15 years) or else they will charge you or penalize you on some or all of the money. This will all be spelled out for you in your agreement. Call your local town hall and ask them who they recommend that you talk to about a program like this in your community. Good luck.
Ps: The grant/loan will usually be listed against your home as a lien on your property until you have fulfilled your end of the agreement.
2007-06-14 16:27:31 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
Yes, there IS a way you can do that. Unfortunately, it requires selling the home to another person. Other than that, why on earth would you think someone would lend you the equity value in your house without charging for it ?
2007-06-14 16:24:45 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
It would be a home equity loan, a fancy word for a "2nd mortgage. ""Unfortunately,it IS a mortgage and you would have to pay interest on the amt actually loaned.
2007-06-14 16:18:50 · answer #3 · answered by TedEx 7 · 0⤊ 0⤋
No. Interest is the cost of borrowing money. Why would someone give you a large sum of money when they could invest it in something and make money on it?
2007-06-14 16:17:52 · answer #4 · answered by A5150Ylee 4 · 0⤊ 0⤋
Actually, with interest rates remaining low, and the tax benefit remaining high - depending on your offer, you might actually create a negative interest environment.
2007-06-14 16:16:39 · answer #5 · answered by ForensicAccountant 4 · 0⤊ 1⤋
you always have to pay interest on any loan,how do you think that they make there money.?
2007-06-19 05:39:38 · answer #6 · answered by luka 5 · 0⤊ 0⤋
That would be nice, but I doubt it.
2007-06-14 16:15:24 · answer #7 · answered by ahh_sweet_boredom 2 · 0⤊ 0⤋