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
|Franklin & Oxford||$29,100||$33,300||$37,450||$41,600||$44,950||$48,250||$51,600||$54,900|
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