When searching for financing products, a combination of your financial profile and the nature of the repair/improvement being requested will determine what options you are eligible for.
Household size and income – Some products require income information from ALL household members over the age of 18. Others require income information from only the property owners. The income limit may be adjusted for household size or may be an amount not to exceed regardless of household size.
Credit history – Timeliness of monthly payments, judgments, liens, collections, credit score, number of recent inquiries may impact your ability to qualify for financing. Some products may require only that you are current on your mortgage and property taxes.
Project scope – In addition to financing programs for general remodeling, some programs are specifically targeted to certain types of improvements or purpose. Some programs address exterior only, emergency repairs, or health & safety repairs.
Construction contracts and down payments – Most City financing products require a review of bids and contractor licenses. Signing a contract prior to financial closing can put you at risk for directly paying the contract.
Ability to repay the loan – Borrower’s monthly debt in relation to their monthly income and total loans secured by a mortgage against the home compared to the home’s value may apply. Some programs have no such requirement.