Home Repair Guide

Home Repair Loans Now Available

If you are a homeowner in and need help with home repair costs, you may be eligible for a home repair loan from your local government. Most local departments of housing offer home repair loans and technical assistance to income-eligible homeowners. Some loans are forgivable, meaning you don’t have to repay them if you meet certain conditions.

In this blog post, we will explain how to apply for a home repair loan, what types of repairs you can use the loan for, and how SFW Construction can help you with your home repair needs.

What is a Home Repair Loan?

A home repair loan is an interest-free, deferred payment loan that you can use to make repairs to the inside or outside of your home. The loan amount depends on what type of home you have.

Generally, you can get up to:

$20,000 for condominiums owners
$30,000 for single-family homes
$40,000 for two-family homes
$50,000 for three and four-family homes

The loan is deferred, meaning you don’t have to make any monthly payments until you sell or transfer your property. The loan is also interest-free, meaning you only pay back what you borrowed.

Some loans are forgivable, meaning you don’t have to pay them back if you meet certain conditions. For example, suppose you are a senior homeowner (at least 62 years old) and use the loan to replace your aging heating system. In that case, you may qualify for the Seniors Save program, which offers up to $8,000 in forgivable loans.

How to Apply for a Home Repair Loan?

To apply for a home repair loan, you need to follow these steps:

Get your info together. It would be best to get estimates from at least two licensed and insured contractors. Your local housing department can help you find qualified contractors in your area. You must also provide proof of income, property taxes, water and sewer bills, and other documents.
Complete the application.
Finish the project and pay your loans. Once you submit your application, your local government will send a specialist to review your project and approve your loan. After closing the loan, you can sign an agreement with your contractor and start the work. The housing department will also monitor the work quality and conduct a final inspection once everything is done. You have to repay the loan according to the terms of the agreement.

What Types of Repairs Can You Use the Loan For?

You can use the loan for repairs that improve your home’s safety, comfort, and value. Some examples are:

Replacing a heating system, porch, or roof
Fixing wood rot, termite damage, or window leaks
Installing new doors or windows
Painting your house
Removing lead paint

You cannot use the loan for luxury repairs, such as adding a Jacuzzi or granite countertops.

How Can SFW Construction Help You?

SFW Construction is a trusted and experienced home repair contractor that serves the PNW and surrounding areas. We specialize in siding repair and replacement, wood rot remediation, window leak repair, deck repair, bathroom remodels, and more.

Certified and trained in the latest product applications and installation techniques, our team uses only the finest and most durable materials, including James Hardie fiber cement siding. Additionally, we offer a lifetime warranty on both workmanship and materials. We aim to fulfill your home repair needs. Free estimates and consultations are part of our comprehensive services, and we can assist in applying for home repair loans. Rest assured, our projects are completed with high-quality craftsmanship and exceptional customer service.

If you want to apply for a home repair loan work with SFW Construction, please get in touch with us today for a free consultation. We look forward to hearing from you and helping you make your home more beautiful and comfortable.