Rehabilitation Mortgage Insurance Program
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b) Purchasing a structure on another site, transferring it onto a new area on the mortgaged property and rehabilitating it

c) Refinancing the current indebtedness and rehabilitating it

d) Rehabilitating the structure.

The guidelines of the Rehabilitation Mortgage Insurance Program requires that the rehabilitation be at least $5,000 in order to participate in the program.

Homeowners who are interested in participating in this program can submit their applications at any HUD-approved lending institution.

Individuals and families will be considered eligible to apply for this program if they demonstrate the capability of repaying for the loan for a duration of up to 30 years.

The Department of Housing and Urban Development, the primary agency funding the Rehabilitation Mortgage Insurance Program, is the country's leading agency that is mainly responsible for increasing the rates of homeownership, supporting community development and more importantly, increasing the people's access to affordable housing opportunities that are free from bias and discrimination.

In the fiscal year 2007, the Department of Housing and Urban Development has issued 3,383 new loans under the Rehabilitation Mortgage Insurance Program.

Rehabilitation Mortgage Insurance Program
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

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Alabama Housing Finance Authority
The Alabama Housing Finance Authority, more commonly referred to as AHFA, is a public corporation which was established in the year 1980 under the Act No. 80-585 of the Alabama Legislature.

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California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

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Construction Incentive Program for First Time Home Buyers in New York
Under the State of New York Mortgage Agency, the Construction Incentive Program has been established. The goal of this program is to enable the construction of one and two family homes through the provision of funds, up to 97% of the value of the property, to eligible low to moderate income first time home buyers.

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