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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Additional Resources

category - Home Buying Programs

First Time Homebuyer Programs in Connecticut
The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating within the State of Connecticut. The agency was established in the year 1969 in an effort to address the concerns regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

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Department of Housing and Urban Development: Continuum of Care Homeless Assistance Programs
The CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.

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Down Payment Assistance Loan for First Time Home Buyers in New York
In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.

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Section 8 Housing Choice Voucher Homeownership Program
The Connecticut Housing Finance Agency has been administering the Section 8 Housing Choice Voucher Homeownership Program wherein they intend to offer home loans at reasonable, below-market rates to Section 8 tenants who wish to purchase a home of their own.

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