“If you are making a basic livability repair or improvement to your home—say a necessary addition or a new roof—you may be able to apply for a Title 1 Home Improvement Loan,” says Price. Private lenders often fund these loans, and HUD insures these loans for up to $25,000 for a singly-family home. 

However, if you need help refinancing major repairs or rehabilitations to your home, look into a Section 203(K) program. “This is HUD’s primary rehabilitation program, and is especially useful for those purchasing ’as is’ properties that need a lot of work,” says Price. 

If you or someone in your family is a veteran, you may be able to apply for a loan from the Department of Veterans Affairs. “These loans allow veterans to refinance an existing loan at a lower interest rate, or acquire a new loan to buy or improve an existing home,” explains Price. 

“If you live in a rural area and need to modernize your home, or remove a health or safety hazard, you may be able to apply for a Rural Housing Repair and Rehabilitation Loan, funded by the Agriculture Department,” suggests Price. These loans are extremely low-rate, and available to low-income rural residents. 

“If your home has been damaged due to a natural disaster, fire or flooding, another financing option you want to consider is a loan from the Small Business Administration, which offers assistance to individuals as well as businesses,” explains Price. These loans cover both uninsured and underinsured losses, and are issued after a disaster declaration is signed by the President or SBA administrator. “Applicants need to register with the Federal Emergency Management Agency, and can be eligible for loans up to $200,000 for replacement of a primary residence,” says Price. 

Before you begin funding a major home improvement or repair on your own, make sure to look into all of your options to see if you are eligible to receive government funding for a necessary project. 

If you’d like to speak with an experienced Frederick Maryland real estate agent who has your best interest in mind, please contact me with any of your real estate or mortgage questions toll Free, 24/7, at 1-800-395-9636 x7 or E-mail me at bill@homes2price.com. My Office number at Real Estate Teams, LLC is 301-695-3020 x2793

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Republished With permission by RISMedia © Copyright 2011

I am a long time Maryland resident having graduated from Annapolis High School, Johns Hopkins University (BSE) and the University of Maryland. I graduated from University of Maryland with a Masters degree in Engineering. I earned my REALTOR license in 2002 and the Graduate REALTOR Institute designation, GRI.

My focus is to assist my clients achieve their objective in their real estate transaction while saving them time and money. I believe that Real Estate Sales is about helping people.TM My goal is to help people save time and money by assisting them to buy and sell homes in the Maryland Counties of Frederick, Carroll, Howard, Montgomery and Washington. 

Some cities I specialize in are Frederick, New Market, Mt Airy, Middletown, Walkersville, Brunswick, Thurmont, Myersville, Ijamsville, Urbana, and Woodsboro.