First Suburbs Home Equity Loan Program

People in the Kansas City region’s First Suburbs — those older, inner-ring communities around the central city — will tell you their neighborhoods have charm you don’t find in new construction further out: mature trees, established neighborhoods, large yards, real wood, and shorter commutes in this era of ever-increasing gas prices. But even well-maintained homes in the First Suburbs are often obsolete by modern standards. They may have small closets, one-car garages, no master suite and too few bathrooms.

Leaders in First Suburb communities, working together through the First Suburbs Coalition, recognized the need for a program that would help homeowners add modern amenities to homes in established neighborhoods. The coalition partnered with CommunityAmerica Credit Union to provide low-interest, fixed-rate home equity loans to fund the remodeling and modernization of qualified homes.

About the Loan Program

CommunityAmerica has money available for home equity loans to homeowners in participating communities through 2008. A home equity loan is a fixed-rate loan with a one-time cash advance. Residents must qualify for the loan based on CommunityAmerica lending standards.

• Rates are as low as 5.40% APR.*
• The maximum loan amount per homeowner is $30,000.
• Terms are for 10 years or less.
• The home must be owner occupied.
• The tax-assessed value of the home must not exceed $200,000.

Funds can be used for projects like updated kitchens, new master suites or extra bathrooms that will add convenience and value. Homeowners who participate in the program will receive a copy of the First Suburbs Coalition’s Idea Book containing plans, drawings and suggestions for the best ways to make homes in the first suburbs as attractive, comfortable and valuable as possible.

For more information about the First Suburbs Home Equity Loan program, or to apply for a loan, call CommunityAmerica at 913/905-6629.

*Rates are subject to change with Prime based on the date of application and are based on applicant credit. Actual rate may vary. Minimum loan amount $5,000, maximum loan amount capped at $30,000. Tax assessed value of home may not exceed $200,000. Minimum and maximum loan amounts and tax-assessed value restriction set by First Suburbs Coalition. Applicant pays for mortgage tax. Homeowners insurance required. Consult your tax advisor regarding deductibility of interest.

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