Are There Any Government Programs Or Resources Available For Buying Houses In Poor Condition?
Are you interested in buying a house in poor condition, but are unsure of where to start? Today we’re going to discuss government programs and resources available for buying houses in poor condition.
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Are There Any Government Programs Or Resources Available For Buying Houses In Poor Condition?
Department of Housing and Urban Development’s Neighborhood Stabilization Program
This program provides grants to states and cities to buy and rehab houses in economically distressed areas. The homes are then sold to eligible buyers at a discounted rate.
The USDA also offers a mortgage loan program specifically for buying houses in rural areas. The loan is available to low-income buyers and can be used to purchase, repair and improve a home. The loan also includes up to $10,000 in grant money to help cover the costs of repairs.
FHA 203(k) loan
Another option is the FHA 203k loan, wich is available for buying and renovating a home with one loan package. This loan allows borrowers to finance up to 96.5% of the purchase price, plus up to $35,000 in repairs or renovations.
If you don’t qualify for one of the above loans, you may still be able to qualify for a HUD Homeownership Voucher. This program assists eligible low-income families in purchasing a home by providing part of the home’s purchase price each month, in addition to covering other related expenses.
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Are There Any Government Programs Or Resources Available For Buying Houses In Poor Condition? Final Tip
Many local housing authorities offer financial assistance for buying and repairing homes. Such programs may provide grants, low-interest loans and other forms of assistance for eligible applicants.
As you can see, there are a variety of government programs and resources available to buy distressed homes. So if you’re interested in investing in distressed properties, be sure to look into these options.
