|

Low-interest home repair loans available

El Dorado County has funds available as low-interest rate loans for home repairs to income-qualified homeowners in the unincorporated areas of the county. Funding is provided through the State Community Development Block Grant Program and the county’s Housing Rehabilitation Revolving Loan Funds.

These housing rehabilitation loans must be used to correct health and safety issues and to meet code compliance standards. Program loan funds may be used to repair or replace roofs, foundations, plumbing, electrical, heating/air conditioning systems, termite damage and more. The home must be located in an unincorporated area of the county. To qualify, the household income must fall at or below 80 percent of the area median, based on household size. Current annual maximum household income limits are: one person, $42,650; two persons, $48,750; three persons, $54,850; four persons, $60,900; five persons, $65,800; six persons, $70,650; seven persons, $75,550; eight persons, $80,400.

This program is designed to provide financing for homeowners with positive equity in their home and who would not qualify for other types of financing due to limited income. Interest rates are as low as 3 percent for a 15-year loan of up to $40,000.  n certain limited circumstances, interest-only or deferred payment terms may be available to eligible borrowers.

For more information about this program visit edcgov.us/humanservices or call the El Dorado County Housing, Community and Economic Development Block Grant Programs at (530) 642-4863. Loans are available to eligible homeowners on a first-come, first-served basis until funds are exhausted.

El Dorado County is an Equal Housing Lender and does not discriminate on the basis of religion or religious affiliation, age, race, color, ancestry, national origin, sex, marital status, familial status (children), physical or mental disability, sexual orientation or other arbitrary reason.

Short URL: http://www.villagelife.com/?p=27086

This story falls on page "7"
Posted by on Nov 27 2012.
Last Login:
Filed under Featured Stories, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Recently Commented

  • Kiana Ramos-Lopez: Hi there, I found your site by the use of Google while looking for a similar subject, your site...
  • where to buy weed seeds: When I originally commented I clicked the “Notify me when new comments are...
  • Dean Kofford: The reason I live here is the quality of life and the environment. We have the choices of either...
  • John Kerhlikar: The best solution is to get supervisor Serna to vote NO on the expansion. We only need one more NO to...
  • Upset: If this goes forward, I will sell my home in EDH. As it is now we are disrupted daily with numerous low flying...