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(c) 2015 Neighborhood Housing Services of Toledo, Inc. dba NeighborWorks(r) TOLEDO REGION. All rights reserved.

Emergency Repair

Purpose must be to immediately correct an emergency situation which threatens safe, sound and sanitary living conditions.

 

  • Generally, $3,000.00 dollar limit or higher if approved by the loan committee.

  • Property must be in the NTR service area (City of Toledo)

  • Will be secured by a Note and Mortgage.

  • No emergency loan to exceed sixty (60) months.

  • All Emergency Loans at 6% interest.

  • Are approved provided that the balance of mechanical systems are up to City code or a plan is provided to make the necessary improvements.

NMLS#234307

MB.803440.000

Financing and Mortgage Lending

Loan Policy

 

All loans are Presented to Loan Committee for Approval

 

Eligibility

Property must be owner-occupied, single, double or up to four family residential property

Applicant must reside in property min 1 year

Loan must be secured by a first or second mortgage

Property must meet minimum code standards after rehab

 

Loan Terms

No minimum loan amount, terms up to thirty years, Financing up to 105% of total Loan-to-Value, No pre-payment penalty, Escrow provided for purchases loans over $3,000

 

Qualifying Ratios

Mortgage payment can not exceed 36% gross monthly income or 45% including other debt obligations

 

Credit History

Applicants must demonstrate "sound" history

 

Information and Fees

Applicant must provide Appraisal, credit report, and title insurance costs - other fees may be paid out of loan proceeds

Second Mortgage

Second Mortgage are for the purpose of owner-occupied rehabilitation only or to eliminate mortgage insurance premiums.