If you’re eligible for a grant, you won’t need to pay back the funds as you’ll with a loan. However, when you obtain a USDA 504 Grant and promote your home within three years, you’ll have to pay back the grant money recieved. With the USDA Section 504 Home Repair program, you’ll have the ability to receive a maximum mortgage of $20,000 or a maximum grant of $7,500. The mortgage can be repaid over 20 years, and the interest rate is fixed at 1%. Both loans and grants may be combined for a maximum of $27,500 in assistance funds.
- Investopedia






