What is the Heritage Home Loan?
The Heritage Home Program℠ Loan is a low-interest fixed-rate home equity loan for homeowners to affordably maintain and improve their older houses.
The low interest loan product is financed through Key Bank and Third Federal Savings & Loan with fixed-interest rates available as low as 1.4%.
Loan clients have access to written construction specifications for exterior projects, locating qualified contractors and project guidance.
How do you qualify for the Heritage Home Loan?
Please read the requirements below to see if your home qualifies for the Heritage Home Loan.
Are you ready to apply?
The next step is to complete the Heritage Home Loan Application
Applications and estimates must be submitted to the Heritage Home Program Office before a homeowner starts the financial pre-approval process.
You can mail or fax the application to our office. Remember to include estimates from chosen contractors with the completed application.
Heritage Home Program℠
3751 Prospect Avenue
Cleveland, OH 44115
Fax: (216) 426-1975
Once the Heritage Home Program has approved your application, you are ready to start the financial pre-approval process with a loan officer at a participating bank.
The 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.
When meeting with a loan officer, 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 60 days.
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 always requires an appraisal.
Third Federal will do appraisals on a case by case basis.
The bank will notify the 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.
Once the loan documents are signed at the bank there is a three-day right-of-rescission period. After that 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.
An escrow contract and payment schedule will be established between the homeowner, contract, and the Cleveland Restoration Society.
Specifications for exterior work will be provided to the homeowner and contractor.
You will have eighteen months from the signing date to complete all projects funded by the Heritage Home Program Loan.
Funds are released with the homeowner’s approval as the project progresses.
If the project requires a permit, the contractor must pull the necessary permit prior to beginning work.
When the project is complete, a Heritage Home Program staff member will complete a final project close-out site visit.