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

Rehabilitation Mortgage Insurance Program
The Department of Housing and Urban Development, otherwise known as HUD, is a Cabinet department in the executive branch of the United States federal government.

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First Time Homebuyer Programs in Maine
The first time homebuyer programs of MaineHousing are all especially designed to contribute to the achievement of its primary agency mission which is to "assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs."

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California Housing Finance Agency
The California Housing Finance Agency, otherwise known as CalHFA, is an independent, self-supporting agency that was chartered to as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds; with these bonds being repaid by revenues generated through mortgage loans, instead of taxpayer dollars.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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