cuyahoga county help loan

The Ins and Outs of Cuyahoga County’s Help Loans

If you’re a homeowner in Cuyahoga County struggling to make repairs or improvements to your home, help loans may be the solution you need. I wanted to provide an in-depth look at these county-sponsored loans – who qualifies how they work, and how to apply.

As a long-time resident of Cuyahoga County myself, I understand how expensive home repairs and upgrades can be. When my furnace died last winter, I had to finance a new one even though I had some savings set aside. So I can relate if you need a little assistance!

Cuyahoga County’s Housing Enhancement Loan Program (HELP) issues home improvement loans with interest rates about 3% lower than typical bank loans These loans are for repairing or remodeling owner-occupied and rental properties in most communities across the county

Here are some key facts about HELP loans:

• They are available for single-family homes, duplexes, and multi-family buildings. Single-family homes cannot be worth more than $250,000 in assessed value to qualify.

• The loans can fund nearly any type of home improvement project – repairs, maintenance, renovations, upgrades, compliance with housing codes, etc. Luxury enhancements like swimming pools are excluded.

• There are no income limits to receive a HELP loan. These are available to all creditworthy homeowners regardless of income.

• Loans are issued for up to $150,000 for single-family dwellings and up to $300,000 for two-family and multi-family properties.

• The current interest rate is around 3% fixed for a term up to 20 years.

To give you a sense of how these loans work, let’s look at an example:

John needs a new roof on his single-family home in Lakewood. The roof will cost $15,000 to replace. John has some savings but not enough, so he applies for a HELP loan. Since his home is assessed at $220,000, it qualifies.

John is approved for a 20-year HELP loan at a 3% interest rate. His monthly payment on the $15,000 loan will be about $75. Much more affordable than paying for the full roof replacement in cash!

As you can see, the HELP program provides an accessible and affordable financing option for major home projects. The only eligibility requirements are location within Cuyahoga County and property value under the set limits.

If you could benefit from a HELP loan, here are some tips for getting started:

• Contact KeyBank to pick up an application or download one from the county website. Applications are processed by KeyBank.

• Make sure to have income verification, property deed, and contractor estimates ready when you apply.

• Loans are issued within 5-10 business days of approval. Funds are sent directly to contractors.

• An inspection of the finished work is required before the loan is considered complete.

• HELP loans can be combined with other financing options if needed. Talk to your lender about how to coordinate funding.

While HELP loans are a great resource, other assistance is available for Cuyahoga County homeowners as well. Here are a few quick highlights:

• Mortgage assistance grants are available for homeowners financially impacted by COVID-19. Income limits apply. Contact the county for more details.

• Non-profit organizations like ESOP provide counseling and small dollar loans for housing-related costs.

• The county allocates funding to non-profits offering rent, utility, and foreclosure assistance. Reach out if you are struggling.

• Legal Aid provides free legal services to low-income residents dealing with housing instability.

As you navigate home repairs and improvements, explore how Cuyahoga County’s HELP loans or other assistance programs could make the process more affordable. I encourage you to apply if your situation meets the requirements – the application process is straightforward and the loans are an invaluable resource. Don’t hesitate to use these programs designed to help homeowners like us!