Archive for Wednesday, February 18, 2009

5 questions: Home improvement

Bard answers questions on renovation loans

Kathy Bard, assistant city administrator.

Kathy Bard, assistant city administrator.

February 18, 2009

Kathy Bard, city administrator, said Tuesday that Tonganoxie residents who have been thinking about remodeling their homes may be qualified for a special low-interest home equity loan endorsed by the city. The Mid-America Regional Council (MARC) has partnered with CommunityAmerica Credit Union to offer the fixed-rate home equity loans to homeowners in participating communities such as Tonganoxie. In early January, the council unanimously voted to endorse the program and to appoint Bard as the program’s coordinator in the city. Q: Who is qualified for the program? A: Any member of the community may apply for a home remodeling loan. CommunityAmerica Credit Union supports underwriting to a FICO score of 620 or higher. Q: What types of renovation work are covered in the program? A: These loans can be used for a wide variety of home renovation projects, including window and door replacement, roof repair or replacement, plumbing and electrical upgrades, and add-ons such as new rooms, decks, porches and fences. Q: How much money can people get for their home? A: The maximum amount of any individual loan will be $30,000 and the minimum shall be $2,500. Q: How does someone apply for the loan? A: Please call CommunityAmerica Credit Union at (913) 905-6629 or visit marc.org/loanprogram. Q: What kind of fees and interest are associated with the program? A: No additional charges or fees are assessed. CACU will offer the loan as a fixed rate loan at the approval of the loan. Bard said interested parties should call the bank to verify interest rates, which can be up to 1 percent off CommunityAmerica’s current home equity fixed rate loan. Earlier this month the Board of County Commissioners did not endorse the program, stating local banks could offer county residents the same kinds of loans

Comments

Jason Bailey 5 years, 1 month ago

I believe Ms. Bard looks less than thrilled in this photo. If I were the photographer, I would have ran out of her office before she assaulted me with her sticky notes.

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