1. Determine if you are eligible
Once you have determined that the property and projects are eligible for the loan, contact the Heritage Home Program staff to review your project scope, discuss the terms and conditions, and schedule a site visit. Homeowner must also meet the bank’s lending requirements (see step 4).
2. Collect estimates from contractors for your desired projects.
If you need assistance finding contractors or selecting estimates, Heritage Staff can assist you.
3. Complete and Submit the Heritage Home Program Loan application. Click here for the Key Bank PDF application, or here for the Third Federal PDF application. Residents of Elyria and Oberlin click here for the Northwest Bank PDF application.
You can also mail or fax the application to our office. Please remember to include estimates from chosen contractors.
Heritage Home Program℠
3751 Prospect Avenue
Cleveland, OH 44115
Fax: (216) 426-1975
4. Start financial pre-approval process (see Loan Details table for lending options).
Homeowner must meet the bank’s lending requirements. You may visit or call the bank branch to speak with a relationship manager about these requirements. Heritage Home Program Staff can provide contact information for a bank branch near you. Provide a copy of the Heritage Home Loan Application and additional information requested by the bank. A standard credit evaluation will be performed as well as an initial review of available equity. Bank pre-approval lasts for 60 days.
5. The lending institution will determine whether the applicant is conditionally approved.
The bank may request additional personal documents and may require an appraisal.
- Key Bank and Northwest Bank always require an appraisal
- Third Federal will do appraisals on a case by case basis
6. Final loan approval
Bank will notify homeowner and Heritage staff of final approval. Heritage staff will send final paperwork to the bank to confirm the project eligibility and loan amount. The lending institution will then prepare the loan documents and set a loan closing appointment with the homeowner.
7. Sign loan documents at the bank.
The bank will schedule a loan closing appointment with the homeowner. After the three-day right-of-rescission period, the bank will disburse the funds to a CRS escrow account.
No work funded with loan proceeds can begin until loan funds have been dispersed.
8. Specifications for exterior work will be provided to homeowner and contractor (specifications are not written for interior projects). An escrow contract and payment schedule will be established between the homeowner, contractor and CRS.
9. Work begins!
You will have eighteen months from the signing date to complete all projects funded by the Heritage Home Program Loan.
10. After project completion, a Heritage Home Program staff member will complete a final project close out site visit.
Loan applications and printable information packets can be found in our Program Resources.