Love the neighborhood, but your house needs some work? Maybe we can help.
Since 2006, the First Suburbs Coalition has partnered with CommunityAmerica Credit Union to develop a Home Remodeling Loan Program. This program offers low-interest, fixed-rate home equity loans to homeowners in 34 participating communities.
Many homeowners in first suburbs communities love their neighborhoods and want to stay in their homes, but also want some of the modern amenities often found in newer construction. This program helps mature neighborhoods stay vital and attractive to future homebuyers, thus keeping the property values high.
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.
The remodeling loan can be especially effective when it is coupled with energy-efficiency incentives to lower utility bills and make your home more energy efficient. Utilities and state and federal governments offer rebates and tax credits that can be combined with the remodeling loan to provide a very cost-effective way to save you money and make your home green. You can find out more about these incentives by visiting MARC's energy efficiency website.
Through a bid process, CommunityAmerica Credit Union was selected to manage the loan program. To date, more than $3 million in loans have helped residents make their homes more comfortable and more valuable. The success of this program led to its expansion to include 18 additional cities outside the First Suburbs area in 2009.
MARC Home Remodeling Loan Program Details
Special discounted interest rate applies to MARC Home Remodeling Loan Program
Loan amounts from $5,000 up to $30,000
Flexible terms from 1 to 10 years*
Fixed-rate home equity loans with a one-time advance
Tax-assessed value of the home must not exceed $250,000
Interest may be tax deductible**
Home must be owner-occupied
Borrowers must qualify per CommunityAmerica lending standards
Borrowers must reside in a participating community.
For more information, call CommunityAmerica at 913-905-6629
*APR = ANNUAL PERCENTAGE RATE. Payment will be equally amortized over the term of the loan. Example: $30,000 loan amount at 6.25% APR for 120 months results in monthly installments of $336.82. Minimum loan amount $5,000, maximum loan amount capped at $30,000. Tax-assessed value of home may not exceed $250,000. Minimum and maximum loan amounts and tax-assessed value restriction set by MARC. Applicant pays for mortgage tax (in KS $2.60 per $1,000). Homeowners insurance required. Program and rate subject to change and will end at the discretion of CommunityAmerica. **Consult your tax advisor regarding deductibility of interest. CommunityAmerica Credit Union federally insured by the National Credit Union Administration.