Grants for House Flipping

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Government grants can help you pay for major home repairs.
Government grants can help you pay for major home repairs. (Image: home image by Byron Moore from Fotolia.com)

Government grants for housing are usually given if you are extremely disadvantaged, either economically or physically. If this fits you and you are looking into house flipping, you can apply for grants that range from $7,500 to $63,780, as offered in 2010. Some grants require that you reside in the house that is funded for certain amounts of time, which can slow, but not prevent the flipping process.

10.417 Very Low-Income Housing Repair Loans and Grants

This grant does not require you to live in the home, making it helpful to sell it quickly. According to the Department of Rural Development restrictions, to qualify for this grant, you must be a senior citizen of 62 years of age or older and qualify as a very low income rural homeowner to receive the maximum grant amount of $7,500 as of 2010.

You may only use the funds to cover the costs of removing safety and health dangers or to renovate your home to become accessible to residents who are handicapped, which can help you to fix your home to sell. Use this grant money for repairing the roof, weatherization, plumbing, electrical work, heating, structure, and water and waste systems. This grant is only available in the United States, American Samoa, the Commonwealth of Northern Mariana's the Commonwealth of Puerto Rico, the U.S. Virgin Islands, the Trust Territories of the Pacific Islands and Guam. There are no deadlines for this grant.

10.444 Direct Housing-Natural Disaster Loans and Grants

Consider this grant of up to $7,500, as of 2010, to assist you in renovating your home and initiate the flipping process. If the U.S. president gave a formal declaration of a natural disaster in a rural area where your house is located, and you did not receive money from the Federal Emergency Management Agency (FEMA). Also, you must be 62 years old or older and the owner of the home. In addition, your income must fall under the strict very low-income criteria. The criteria depend on which state and county you live in. Look for these criteria in the Rural Development (RD) website. There is no mention of being required to live in the house for an allotted amount of time. Contact your regional office for deadlines.

64.106 Specially Adapted Housing for Disabled Veterans

If you are a severely handicapped veteran and want funding to assist in getting your home ready to resell, apply for The Specially Adapted Housing (SAH) initiative, which offers this grant to cover half of the expenses you pay for a home, land and approved expenses that suit your disabilities. This grant provides funding, which you can use for different houses.

You can apply for the grant a maximum of three times to total up to $63,780, as of 2010. Utilize this money for new construction or renovation projects that involve handicapped accessibility. You can also use this funding to purchase a house suitable for special needs or to reduce your current mortgage. To be eligible, your disability must be in accordance to the criteria under chapter 11, which includes a disability that is permanent, including: loss or loss of use of both legs; blindness in both eyes, in addition to loss or loss of use of one leg; loss or loss of use of one leg along with lingering affects of an organic disease or injury, or the loss or loss of use of one upper extremity, which interrupts the functions of propulsion or balance that hinders locomotion without using a wheelchair, crutches, braces, or canes; or the loss or loss of use, of both upper extremities in which you can not use your arms at or above the elbows. You may also be eligible if you qualify for funding from Chapter 11 because of a permanent disability that caused blindness in both eyes with 5/200 visual acuity or less, or includes the loss of use of both hands. Check with your regional SAH office to see how long you may have to reside in the home before selling it. There are no deadlines to apply for this grant.

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