Rehabilitation Mortgage Insurance Program

by: Iola Bonggay

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.

HUD's work is mostly geared towards the creation of strong and sustainable communities that contain safe and affordable homes for everyone.

One of HUD's programs is the Rehabilitation Mortgage Insurance Program wherein they intend to financially assist families as they repair or improve, purchase and improve, or refinance and improve their current residential properties that have been existent for more than a year.

The Rehabilitation Mortgage Insurance Program works in such a way that will make it easier for families to apply for home repair mortgages.

The Department of Housing and Urban Development will form partnerships with credible lending institutions in order to make it possible for families to participate in the Rehabilitation Mortgage Insurance Program.

The funds that will be loaned out under the Rehabilitation Mortgage Insurance Program can be used to rehabilitate existing dwelling in one of four ways, including:

a) Purchasing an existing structure and the land on which the structure is located and rehabilitating it

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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.

Additional Resources

category - Home Buying Programs

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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Homeownership Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.

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Keystone Home Loan Program For First Time Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency, more commonly referred to as PHFA, is an independent agency that was established in the year 1972 in an effort to contribute to the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.

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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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