Home Improvement loans differ from remodeling grants in that the entire amount of a loan has to be repaid to the lender whereas a grant can be seen as a type of gift. However, it is unusual to get the full amount of the repair or improvement works on your house so the costs will have to be partially met by yourself.

Do I qualify for a Remodeling Grant?

1. Home owners aged 62 and older

2. Families with Low Income

3. Applicants who have bad credit

A professional inspector is sent out to the house in any of these scenarios to determine if repairs or renovation is needed.

Before any money is offered you will need to pass an inspection carried out by a professional whose job it is to determine exactly what renovation or repairs are actually required.

Depending upon the type of grant you apply for you will be paid in one lump sum or in payments. A good place to start looking is your local and state government offices or websites. It’s also worth contacting your local Department of Human Services. Each organization sets their own rules about who will receive a home improvement grant.

Because governmental organisations and institutions give out grants that are attached to the area in which they work, you will need to do find grants that that are appropriate to the nature of your repair. If, for example, the desired repair is to your waste management system, you can obtain a grant from the environment office.

If you’re turned down for a remodeling grant then you will have to turn to more traditional methods and try for a subsidised loan. There are lots available with interest rates between 1% and 5% and are usually set up so that repayments cover a longer period. Do your research first though and never borrow beyond your means.

By: Phil Nichol