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.
Financing and Mortgage Lending
All loans are presented to the Loan Committee for approval.
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
No minimum loan amount, terms up to thirty years, financing up to 105% of total loan-to-value, no prepayment penalty, escrow provided for purchases loans over $3,000
Mortgage payment can not exceed 36% gross monthly income or 45% including other debt obligations
Applicants must demonstrate "sound" credit 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 are for the purpose of owner-occupied rehabilitation only or to eliminate mortgage insurance premiums.