Do you want to tackle a fix up home project, or do you livein a house that needs some fix up but you have no idea how to pay for the work?Then you are in luck if you live in Englewood or plan to buy there. The City ofEnglewood is now offering a pretty generous Home Improvement Loan Program.
This program offers an interest rate below 5% which is wellbelow what you find if you were to get a home equity loan or line of credit.You can use it for a wide variety of improvements and part of the loan may bedeferred until the home is sold. So if you live in Englewood and need to dosome work to your home, what a great option.
If you are looking to buy a home, and in your price pointyou know the house will need work, this just might make Englewood the place tobe. There are some terrific neighborhoods in Englewood that offer very affordablealternatives to Denver. The location is great with light rail on both sides andbeing just minutes to Downtown and the Tech Center, definitely a city that isdue to see some solid appreciation over the next few years. And this program iseven available for investors. If you want to see what type of homes Englewoodhas to offer, let me know. For all the details and to speak to the citydirectly about the program, click here.
Englewood Home Improvement Loan Program.
EligibilityCriteria
The City of Englewood Housing Improvement LoanProgram makes low interest loans to Englewood homeowners. Eligibility isbased on the following criteria:
1. Yourhome is located within the city limits of Englewood.
2. You ownor are buying your home.
3. Youlive in the home as your primary residence.
Terms
1. Thecurrent interest rate is below 5%.Depending on your income, you may be eligiblefor a lower interest rate.
2. Themaximum term to repay the loan is 20 years.In some cases, all or part ofthe loan may be deferred until the home is sold.
3. Allclosing costs are financed as part of the total loan.
4. Fundsare reserved on a first come, first served basis.
5. Theremay be a waiting list.
RentalProperty
Loans for rental properties, up to afour-plex, are also available at the maximum interest rate and a 20-yearrepayment term.
ProjectTypes
Loans can be used to finance various projectssuch as:
1. Home Improvements
o Roomadditions
o Pop-Topadditions
o Basementfinishes
o Kitchenor bathroom remodel
o Fences,walkways, driveways
o Newgarages
o Roofs
2. Energy Efficiency
o Upgradewindows and doors
o Insulation
o Weatherstripping
o Caulking
o Furnaces,boilers, and water heaters
o EnergyStar refrigerators and stoves
3. Utilities
o Electricalupgrades
o Plumbingupgrades
o Sewerand water lines
4. Handicap Accessibility
o Wheelchairramps
o Accessiblebathrooms, kitchens, and doorways
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