The 504 Home Improvement Loan program allows very low-income homeowners in rural areas to borrow money for critical home repairs and improvements. It is not a grant; people awarded this loan will still have to pay it back, in very fair terms, at 1% interest for 20 years. Payments in most cases are $5.00 per $1,000.00 borrowed, per month. Special terms are available for those rural citizens aged 62 years or older, and who fall under the qualification of very low-income.
To Qualify for this program you must: