Thursday, February 26, 2009

Home Repair Loans and Grants available for seniors through USDA


Here is an opportunity to help a Senior Citizen neighbor or loved one that is on a fixed income and in need of home repairs. USDA Rural Development has home repair 1% interest loan and up to $7,500 in grant money available. The funds can be spent on a new roof, new siding and windows, foundation repairs, new kitchen cabinets, new septic systems, furnace, air conditioners or safety hazards. Income restrictions apply and since this is a rural development program, it only applies to homes located in smaller markets. Therefore, most homes within the city limits of Peoria will not qualify. Click here to see if your home is located in an eligible area.

GRANTS

Grant limit: There is a $7,500 lifetime limit on grant funds.

Grant Applicants must:

Be 62 years of age or older

Be low income per guidelines

Use grant funds to address health, safety or accessibility issues for their home.

Be able to demonstrate in inability to make loan payments

Own and occupy the home

Agree to not sell the property for 3 years following the grant or repay the grant if the home is sold within 3 years

LOANS

The maximum loan amount is $20,000. The interest rate is 1%. Loans can be made for a term of 20 years.

For further information about these loans, first time homebuyers loans or Rural Housing loans you can call our local USDA - Rural Development office at 309-342-5138, extension 4.

If you have found this information helpful, please keep me in mind the next time you or your friend or loved one contemplates a move.

6 comments:

i do not know me said...

What the hell is the Agriculture department doing getting involved in home repair loans and grants?? How many federal agencies do we need to hand out the money taken from me before I pay my own mortgage? GRRR!

Joe said...

Seems to be a good offer. I have a Senior Citizen (Grand pa )in my house so can I make use this offer on behalf of him? He is 80 years of age now, Is there any age limit to avail this offer?

Diane Vespa said...

Joe, I think this would only apply if the house was in your Grampa's name.

I don't believe there would be a maximum age limit as that would probably be considered discrimination.

Anonymous said...

Diane,

Did you read that your nemesis Colleen Callahan was recommended to be the Director of Rural Development for the State of Illinois? Just curious.

Diane Vespa said...

As a matter of fact I do remember reading that somewhere. Good for her.

I don't consider her my nemesis at all. She is a nice lady and I wish her well. I just though Schock was the better candidate.

Diane Vespa said...

Oh yeah, and I didn't like how she based her entire campaign on tearing Schock down. That did not serve the 18th District well nor her own "nice person" image. She would have done much better had she focused on her strengths and what she could have brought to the table.

It was commendable that she was willing to step up to the plate and she has my respect for that. It's a difficult thing to put yourself out there.

Thanks for the comment!