Our low interest, fixed-rate loan is available through our lending partners, Key Bank and Third Federal, and can be used for a variety of interior and exterior home repair and rehab projects.

You must live in a Participating Community to apply.

Loan details for all the communities can be found in Program Resources.

Within the City of Cleveland

Interest Rate for Owner-Occupied Homes: 1.4% through Key Bank or 2.99% through third Federal

Interest Rate for Non-Owner-Occupied Homes: 2% (only available through Key Bank)

Minimum Loan Amount is $3,000 through Key Bank or $5,200 through Third Federal

Maximum Loan Amount is $150,000

Income Limits apply only for Third Federal applications – Maximum Household Income of less than $58,960

Minimal Fees apply for both banks – $125 origination fee and $365-$385 appraisal fee through Key Bank or $395 origination fee through Third Federal

Program Fees apply for all loans processed – $350 escrow fee and HHP Admin Fee (dependent on the loan total)

No Pre-Payment Penalty

Cuyahoga County (except City of Cleveland)

Interest Rate for Owner-Occupied Homes: 2% through Key Bank or 2.99% through third Federal

Interest Rate for Non-Owner-Occupied Homes: 2% (only available through Key Bank)

Minimum Loan Amount is $3,000 through Key Bank or $5,200 through Third Federal

Maximum Loan Amount is $150,000

Income Limits apply only for Third Federal applications – Maximum Household Income of less than $58,960

Minimal Fees apply for both banks – $125 origination fee and $365-$385 appraisal fee through Key Bank or $395 origination fee through Third Federal

Program Fees apply for all loans processed – $350 escrow fee and HHP Admin Fee (dependent on the loan total)

No Pre-Payment Penalty

Conditions for all Loans:

  • 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

Loan applications and printable information packets can be found in our Program Resources.

Interest rates are reviewed regularly by the bank and may change. Interest rates and terms noted above are current as of 1/1/2019. Once the loan is closed, the current rate is fixed for the life of the loan.
*Interest rates effective as of 1/1/2019, 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 8/1/2019 in Cuyahoga County are as follows: Maximum annual household income of $58,960.00. Call the HHP for more details.

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