Home Improvement & Repair Loans (Housing Revolving Loan Fund)

Revolving Loan Fund

WMCA’s Home Repair Loan Program helps income eligible applicants with the cost of repairing and making improvements to their home, at an interest rate of 3-5%. The minimum loan amount is $2,000. A $50 fee is required for a credit report, as well as an origin fee from $300 to $500. Both of these fees can be rolled into the loan, meaning they do not have to be paid up front.

The steps to receiving/qualifying for a Home Repair Loan are as follows:

  • Borrower must complete a loan application (Information to include:Proof of income & Proof of ownership of property to be improved-copy of deed and tax bill)
  • Borrower submits information to loan officer
  • Loan officer will then check eligibility of borrower

If the borrower is deemed eligible then:

  • Borrower will receive estimate from contractor on work to be completed. All work must be done by a contractor.
  • Owner closes loan
  • Contract is signed (between owner and contractor)
  • Work begins
  • Work is completed
  • Borrower begins making monthly payments

Income guidelines:

Family Size


1 2 3 4 5 6 7 8
Franklin & Oxford $29,100 $33,300 $37,450 $41,600 $44,950 $48,250 $51,600 $54,900
Androscoggin $31,300 $35,750 $40,250 $44,700 $48,300 $51,850 $55,450 $59,000

Applications are available at the WMCA Office located on Church Street in East Wilton.

You can also call 207-645-3764 to ask any questions about the program or ask that a loan application be sent to you.

For more information please contact us at HousingandEnergy@wmca.org or call 207-645-3764

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