WMCA’s Home Repair Loan Program are secured loans that help income eligible applicants with the cost of repairing and making improvements to their home, at an interest rate of up to 6%. The minimum loan amount is $2,000. A $50 fee is required for a credit report, as well as an origination 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 the loan officer
- Loan officer will then check eligibility of the borrower
If the borrower is deemed eligible then:
- Borrower will receive an estimate from a contractor on work to be completed. All work must be done by a contractor.
- Owner closes the loan
- Contract is signed (between the owner and the contractor)
- Work begins
- Work is completed
- Borrower begins making monthly payments
Applications are available at the WMCA Office located on Church Street in East Wilton.
For more information please contact us at (207) 645-3764 or 1-800-645-9636