Love the neighborhood, but your house needs some work? Maybe we can help.
The Mid-America Regional Council (MARC) and CommunityAmerica Credit Union have partnered to develop the MARC Home Remodeling Loan Program. This program offers low-interest, fixed-rate home equity loans to homeowners in 34 participating communities.
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 loans can even be used to make energy-efficient improvements, which may end up saving you more than you borrow!
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.
The remodeling loan program was created in 2006 by MARC's First Suburbs Coalition, a group of inner-ring suburbs in the Kansas City Metro area. Many homeowners in these 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.
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.
*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.