City of Kettering Home Enhancement Loan
City of Kettering Members: HELP is on the way for home improvements
HELP is on the way for Kettering, OH homeowners interested
in adding a room, remodeling a kitchen or bath, or changing
living space by knocking down a wall or converting a
garage. That's because Day Air Credit Union and the city
have partnered to begin a new program called HELP - Home
Enhancement Loan Program.
  
This is aprogram
that will provide homeowners -who qualify- with a home
improvement loan that's 2.5% below Day Air's standard
home improvement rate. The City of Kettering will buy
down 2% of each loan, and we'll offer an additional ½%
off the city program loans.
"Currently, we offer a great rate on our home improvement loan. Another 2.5% rate deduction is a fantastic opportunity for the members of the community and Day Air," states
Day Air's President/CEO, William Burke.
City of Kettering HELP program
Loan details and qualifications:
- A total discount of 2.5% will be granted for this loan (i.e. If the qualified rate is
7.24%, the discount associated with this program will bring the rate down to
4.74%).
- This is a 10-year, fixed rate loan (there are no pre-payment penalties).
- Loan amounts must be between $15,000 and $50,000
- Total Household income cannot exceed $142,250.
- Examples of projects that would qualify for this program include:
- New/remodeled kitchens or baths
- Remodeling of attics or garages into living space
- Other projects that expand living space (i.e. room additions), etc.
- Examples of projects that would not qualify for this program are:
- New roofs, furnace, electric, or plumbing (unless they are part of a larger project)
- New driveways and decks/porches
- Recreation facilities such as: swimming pools, tennis courts, basketball courts, etc.
- Detached garages/Outdoor sheds or accessory buildings
- Lawn maintenance and new landscaping
- Repair or replacement of sidewalks, curbs, or drive approaches
- If you are not a Day Air Credit Union member, you will need to join the credit union upon loan approval. All Kettering residents are eligible to join.
- Those who qualify and receive a loan will have up to 12 months to complete the work. If the project is not complete in 12 months, the rate will increase.
These loans will be made available on a first-come, first-served basis. Those who sign-up will be required to complete an application process with copies of:
- Homeowner's insurance
- Proof of household income - all household members over the age of 18
- Written estimates of work to be done and/or estimates of materials needed
In addition to the extra ½% rate reduction by Day Air, we are also not charging any:
- Application fees.
- Appraisal and title exam fees.
Costs involved are:
- County recording fee ($72).
- Flood zone review ($11).
- If you are not a member of Day Air, there is a $5 deposit required for
your membership share.
If you'd like to speak with a Day Air Loan Professional, please contact us at:
937-643-2160.
*Upon approved credit. APR = Annual Percentage Rate. This offer is only valid to those living within the City of Kettering's boundaries. In addition, the applicant must reside in the home to be enhanced and this home (again) must be within the City of Kettering's boundaries. Day Air Credit Union membership is required. All residents of the city are eligible to join. No other discounts apply. Normal underwriting criteria applies.
Projects
already
underway or
completed
will not
qualify for
this
program.
Final draw
subject to
final
inspection
by the City
of Kettering
in addition
to any
mechanical
or building
inspection. |
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