Repairing, maintaining or rehabbing an older home can be a challenge. The Heritage Home Program℠ is here to help. The Heritage Home Program℠ loan is a low-interest fixed-rate home equity loan for homeowners to affordably maintain and improve their older houses.
Your home does not need to be historic and does not need to be in an historic district -- it only needs to have been built prior to 1968.
Is your house at least 50 years old?
The home must be 50 years or older.
Is the property zoned residential?
The property must be zoned residential.
Does the home contain three occupancy units or less?
Both owner occupied and non-owner occupied rental properties of 3 units or less qualify for the loan.
Has your project already started?
Work that has already started cannot be funded with loan proceeds. This includes downpayments and purchase of materials.
Is there equity in the home?
The loan amount is based on the available equity in your home and tailored to the project scope. The bank will use an after-rehab appraisal and base equity on the projected value of the house after the projects are complete.
After rehab value of home x ____% LTV (loan-to-value) = Max available Equity
Max available equity – Existing Mortgage balance(s) = Available Equity for loan
Example: $100,000 after rehab value x 85% LTV = $85,000 Max Available Equity
$85,000 - $50,000 First mortgage balance = $35,000 Available equity
Are the property taxes current?
Property taxes must be up-to-date.
Is there more than one existing lien on the property?
The Heritage Home Program loan can be a first or second lien (mortgage) on the property, but it cannot be the third.
Is homeowners insurance in place for the property?
The property must be insured.
Does your project qualify?
Typical project examples are: roof repair and replacement, painting, insulation, window repair and replacement, basement waterproofing, masonry repair, kitchen and bath renovation, compatible additions, finishing attic and basement, electrical, plumbing and HVAC.