Taking on a loan to make home improvements could be a usual practice for many property owners. This route can help them make additions to their houses, helping them with renovation costs that are often too expensive to pay upfront. But sometimes, these loan options can be too pricey for homeowners.
Unfortunately, individuals who cannot obtain these financial services might need them the most. Instead of making home improvements, their properties could have sustained damage that requires repairs to keep them livable.
Living in New Jersey’s rural areas could make them eligible for the Section 504 Home Repair program. It provides loans to low-income property owners who need essential home repairs. An individual may qualify based on the following qualities:
- The applicant owns and lives in the home.
- The owners cannot access other affordable loan options.
- Their household’s income is below the county-mandated limit.
- The repair necessary involves removing health risks and safety hazards or installing modern features for the sake of the entire household’s welfare.
In some instances, elders can qualify for grants instead. Additionally, limits may apply to the loans and grants, with a combined amount maxing at around $50,000.
Taking care of the legal side of loans
Since this program focuses on those in need, seeking other loan types could be preferable. There are many affordable options, but there might be no guaranteed way the application will go well. When in doubt, consider seeking legal counsel when applying for construction loans and other resources to fix a property. Having guidance can help take care of the legal side of the process and address issues as they arise.