- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
One of the programs created by the Missouri Housing Commission is called (HeRO) Home Repair Opportunity Program. This Program is designed to help homeowners maintain, rehabilitate their home, reduce the risk of contamination by toxic materials, weatherize and generally improve the accessibility of their property. Those eligible for this assistance are homeowners whose annual income is not more than 80% of the Area Median Income for the
property area, according to HOME regulations. The annual income levels vary according to county but are usually within a maximum range of $35,500-$51,600.Only counties that are covered by Community Development Agencies qualify for this program and applications are obtained from these agencies. A list of these agencies can be obtained from the Missouri Housing Commission. The homeowner must occupy the property as his or her principal
residence. Those eligible could receive cash assistance for repairs of up to $20,000.
Grant funds must be paid in full if the home is sold at any time prior to three years. In order to
ensure that the actual homeowner receives the help, certain restrictions have been approved.
This includes restrictions on the maximum sale price after repairs have been made. The maximum value of a repaired home under the HeRO program should not be more than 95% of the maximum sales price for a HUD 203(b) loan in the same area, which is usually about $130,000 to $180,000.
As was mentioned above all units must be principal residence owner-occupied single family units, which means that property occupied by non-owners, single wide trailers, manufactured homes not permanently affixed to a permanent foundation, one-half of a duplex, semi-detached homes, town homes, condominium units or properties held on contract-for-deed title do not qualify. No property can be partially rehabilitated or repaired.
All home rehabilitation must follow local zoning requirements and building repair regulations subject to local inspection. Loans are granted only for certain types of work which include the following: The rehabilitation of plumbing, electrical wiring, repairing or replacing a roof, interior or exterior painting, permanent floor covering, replacement siding, and repair of railings, steps, sidewalks and porches etc. Included in the HeRO program is a type of work or project called Lead Risk Reduction.
The purpose of this project is to reduce the danger of lead poisoning in your home and property. This includes the removal of lead-bearing wood trim, siding, interior or exterior wall, windows, gutters, contaminated carpets or flooring and even contaminated garden topsoil.
In this time of crisis the state of Missouri is interested in reducing the cost of heating and cooling and the overall safety and comfort of the home and so they have also included in the HeRO program the installation of insulated windows, caulking, sealing of exterior walls for economy and the making of the home more accessible to the elderly and disabled by the installation of ramps, lifts, widening doorways, lowering kitchen counters etc. The home can be eligible for these multiple services but cannot exceed $20,000. For more details contact The Missouri Housing Development Commission.
No comments yet.
Sorry, the comment form is closed at this time.