Started February 2, 2022
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