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October 24,2014

USDA Approves Funding of 2 Year Self-Help Purchase Repair Grant

IHA has been awarded a second grant to continue the Self Help Purchase Repair program and to be able to offer low and very low income buyers the opportunity to purchase homes.

IHA pairs buyers with existing homes on the market that need repair and attention. We help the participant prequalify for a USDA Rural Development Loan with requires no down payment and offers below market interest rates for a 33 to 38 year mortgage. The participant also develops a repair budget and with technical support from staff completes at least 125 hours of sweat equity in repair work on the home. Homes are available in Carroll, Frederick, Washington and Allegany Counties in Maryland.

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