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Home Remodeling Loan Program
Love the neighborhood, but your house needs some work? Maybe we can help.
Home Remodeling Loan Forum
Edwardsville Community Center
696 South 3rd Street
Thursday, April 16, 2009
6:30 p.m. – 7:30 p.m.
The cities of Edwardsville and Bonner
Springs, in partnership with 31 other communities, the Mid-America
Regional Council and Community America Credit Union, are offering
low-interest, fixed-rate home equity loans to homeowners. These loans
can be used for a wide variety of home renovation projects, including
window and door replacement, roof repair or replacement, plumbing and
electrical upgrades, and add-ons such as new rooms, decks, porches and
fences.
The cities of Bonner Spring and Edwardsville are jointly sponsoring a
forum where you can learn more about the Home Remodeling Loan Program.
Officials from Community America Credit Union and the Mid-America
Regional Council will be present to explain the program.
The Mid-America Regional Council (MARC) and CommunityAmerica Credit Union have partnered to develop the MARC Home Remodeling Loan Program. This program offers low-interest, fixed-rate home equity loans to homeowners in 33 participating communities. These loans can be used for a wide variety of home renovation projects, including window and door replacement, roof repair or replacement, plumbing and electrical upgrades, and add-ons such as new rooms, decks, porches and fences.
The remodeling loan program was created in 2006 by MARC's First Suburbs Coalition, a group of inner-ring suburbs in the Kansas City Metro area. Many homeowners in these communities love their neighborhoods and want to stay in their homes, but also want some of the modern amenities often found in newer construction. This program helps mature neighborhoods stay vital and attractive to future homebuyers, thus keeping the property values high.
Through a bid process, CommunityAmerica Credit Union was selected to manage the loan program. In the first two years, more than 130 loans were made to homeowners, totaling approximately $2.3 million. The success of this program led to its expansion to include 18 additional cities outside the First Suburbs area in 2009.
MARC Home Remodeling Loan Program Details
- Special discounted rate applies to MARC Home Remodeling Loan Program
- Maximum loan amount is $30,000; minimum is $5,000 • Flexible terms from 1 to 10 years*
- Fixed-rate, home equity loans with a one-time advance
- Tax-assessed value of the home must not exceed $250,000
- Interest may be tax deductible**
- Home must be owner occupied
- Borrowers must qualify per CommunityAmerica lending standards
- Borrowers must join CommunityAmerica Credit Union ($1 membership fee) and reside in a participating community.
For information about current interest rates or to apply for a loan, please call CommunityAmerica at 913-905-6629.
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*APR = ANNUAL PERCENTAGE RATE. Payment will be equally amortized over the term of the loan. Example: $30,000 loan amount at 6.25% APR for 120 months results in monthly installments of $336.82. Minimum loan amount $5,000, maximum loan amount capped at $30,000. Tax-assessed value of home may not exceed $250,000. Minimum and maximum loan amounts and tax-assessed value restriction set by MARC. Applicant pays for mortgage tax (in KS $2.60 per $1,000). Homeowners insurance required. Program and rate subject to change and will end at the discretion of CommunityAmerica. **Consult your tax advisor regarding deductibility of interest. CommunityAmerica Credit Union federally insured by the National Credit Union Administration. |
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