Real Estate Community Forum

I've been hearing about grants that are available to home owners who don't have enough money to fix their home. I assume these grants provide home owners with a certain amount of money to make the necessary repairs to their home for free. Has anyone ever heard of this? In my personal experience, nothing in this world is free. There is always a catch involved.

Has anyone here, ever had work done on their house through a grant? How would you rate the experience?

Where I live, the town is offering grants to people who fall below a certain income level. At first everyone was interested in getting money from the grant until we were told how it works.

Apparently, people are given money through the grant only if they can match the money. For example, you will get $10,000 through the grant program only if you can match it with your own money of $10,000. If you do, then you have a total of $20,000 to fix up your home. Of course, many people don't have the money to match the town because they are low income home owners. As a result, the town will put a lien on the house for your share of the matching balance. Some people thought this was a terrible idea because their home is their only asset. No one wants to have a lien on their home. Right? What does everyone else think?

Hey Lecard,

One of the first questions I have about the grant program you're talking about is the estimated value of the homes in the area. The grant is designed to help people who can't afford to fix their home, but are the homes in the area going up in value? If not, then why fix a house if you're not getting a return on your investment? Of course I realize a home owner wants to maintain their home, but to have a lien on a home that is depreciating doesn't make sense to me, especially if there is interest on the lien. I would talk to someone, possibly a real estate agent before I sign my name on this grant program.

If you don't have the money to properly care and maintain a house, then you are forced to either enter the grant program or sell the house.

Let's face it, many people are constantly struggling to save money, especially in today's economy and the lose of jobs. People are scared of what the future holds and the threat of a major home repair project can over whelm someone. If there are programs in your community to help the less fortunate, use them. It's your only source of survival during troubling times.

My sister is in a community housing program that requires her to get 5 estimates from contractors. Once they provide her with estimates, she must choose the contractor that meets her satisfaction. She is NOT required to choose the cheapest one.

In return, the town will provide pay for the roofer and she must repay the town at a small interest rate. This works out perfect for her because with her credit, she would never be approved for a $8,000 loan. The only drawback is the hassle of getting so many estimates and waiting for contractors to come over to meet with them.