Interest rates are reviewed regularly by the bank and may change. Interest rates and terms noted above are current as of 3/16/2023. Once the loan is closed, the current rate is fixed for the life of the loan.

*Interest rates effective as of 3/16/2023, are subject to change and available for loan amounts between $5,200-$150,000. Annual Percentage Rate based on $75,000 loan amount with 80% LTV based on appraisal.

** OHFA income limits as of 7/14/2022 in Cuyahoga County are as follows: Maximum annual household income of $68,320.00. Call the HHP for more details.

Conditions:

• Homeowner must meet bank’s lending criteria
• Construction work cannot start or materials ordered until loan is closed
• Loan is based on available equity
• In some scenarios, an "after-rehab" appraisal will be used to help establish equity
• All loans funds will be escrowed through Cleveland Restoration Society and released to the contractor as progress is made on the project; down payments cannot be funded with loan funds
• Homeowners and contractors must follow Heritage Home Program specifications for exterior work
• Contractors must pull permits and be properly licensed
• Project must be completed in eighteen months