I bought a fixer upper and want to know if there are any programs out there that help
with fixing them up. I heard that there were
but I dont remember the exacts....Any info would be appreciated. Thanks:)
2007-08-30 10:47:22 · 11 answers · asked by jen 1 in Business & Finance ➔ Renting & Real Estate
You can check with HUD. There are a few grants, but they are VERY neighborhood specific, they are not available to most of us. They are designed to restore run down neighborhoods, not make a profit for flippers.
2007-08-30 11:39:40 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
This might help you. There are two programs which come to mind:
1] FHA Title 1 loans and/or
2] FHA 203 K OR 203 B loans [I don‘t remember which].
I don’t remember hearing about any grants - unless your state or county or the municipality the property is located in, offers “grants”.
Make some calls. Do some research. At the very most, you'll get the "grant". THEN, hopefully, you'll be able to fix that property.
At the very least, the answer you will or may get is a flat "NO" - without any explanation. [Other than in love and romance, "NO" never hurt anyone, did it?]
A side thought: "NO" might mean "not right now". It doesn't mean the funds won't be available next month, 3 months from now or even next year.
Thank you for asking your question. I enjoyed taking the time to answer it. You did a great job - not only for your information, but for every other person interested in reading my answer. Thanks to everyone for reading my answer.
I wish you well!
VTY,
Ron Berue
Yes, that is my real last name.
2007-08-30 19:27:24 · answer #2 · answered by Ron Berue 6 · 0⤊ 0⤋
Back in Reagan's day there were low interest loans to fix up houses. I found a house but couldn't get it set up for the low interest loans. So I went to a local bank and asked them if they could see their way to do a loan and sort of a line of credit. I agreed to get estimates from licensed plumbers, etc and submit them to the bank for an approximate line of credit. As I proceeded and step by step & got the house fixed the bank would pay and add the expense to my loan-so it was more an increasing line of credit. They were delighted to be involved in helping to fix up the neighborhood. After all the work, the local housing authority that had to be dealt with to buy the house, sold the house to his nephew and I was too late. That's why I couldn't get the original low interest loan. His nephew did not fix up the house properly and it burned. It was so gorgeous-a three story with big turrets on the front overlooking a park and duck pond that the city was about to put a million into redevelopment. It was on three lots and had a one bedroom rental attached. It had the orginal woodwork, marble mantles and radiator covers & original curved windows. What a loss. All of this to say, you can talk to anyone and see if you can scare up what you need. I'm no longer into it so I don't know what's currently out there.
2007-08-30 19:11:08 · answer #3 · answered by towanda 7 · 0⤊ 0⤋
Yes. Go to the local HUD office in your town. They are always available but there are strings attached.
For starters you have to be doing an approved repair and using an approved contractor. For instance; if you have mold in your bathroom you can get the grant to redo the bathroom. If you just don't like the old tub and tiles, forget it.
Second; these loans are only grants if you stay in the house for a specified period of time. It's usually 10-years. If you sell or try to refinance your home before that time you will have to repay the loan. They are on your title as a lien and they do not subordinate for you to refi.
Think this one through. It's a great deal if you really understand what you are getting into.
2007-08-30 18:00:17 · answer #4 · answered by loancareer 3 · 1⤊ 0⤋
A lot of local or state governments have grants to low income people for basic improvements or "weatherization" repairs. They may also offer home improvement loans at below-market interest rates for basic repairs. Check with your state or local housing department.
2007-08-30 18:50:16 · answer #5 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
They are called SHIP loans here in my area. There are neighborhood and income requirements.
It goes as a Silent Second Mortgage. As long as you live in the house and do not re-fi you do not owe the money back. If you live in the house for a certain number of years you do not owe the money back. If you sell or re-fi prior to the conditions you owe the money back.
2007-08-30 18:01:38 · answer #6 · answered by Sharingan 6 · 1⤊ 0⤋
[For non-profits only] http://Grants.gov is your ONLY Free source to FIND and APPLY for federal government grants. There are over 1,000 grant programs offered by all federal grant making agencies. Never pay a fee to get info..
2007-08-30 17:52:07 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Many cities have programs to fix up older homes check with city hall. Also their are federal programs for that I would check
www.hud.gov/grants/index.cfm
2007-08-30 18:21:52 · answer #8 · answered by Tapestry6 7 · 1⤊ 0⤋
Check with you local electric company, had windows replaced and new thermostats for free, I did have electric heat though
2007-08-30 18:05:48 · answer #9 · answered by Pengy 7 · 1⤊ 1⤋
there are many grants out there, mostly for low income but the available grants and grantors depend on the area which you reside.........another words, what i have avialable in my area does not mean it is available in yours
2007-08-30 17:53:47 · answer #10 · answered by IT'S ME AGAIN 6 · 0⤊ 1⤋