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b) Purchasing a structure on another site, transferring it onto a new area on the mortgaged property and rehabilitating it
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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. |
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