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Interest-Free Home Improvement Loans Available

Post Date:04/28/2017

After many years, homes that once were modern and efficient may no longer meet the needs of their owners. However, qualified homeowners may have an option, thanks to the non-profit City of Fairfax Renaissance Housing Corporation (FRHC).

FRHC, in conjunction with a local partnering bank, makes available to qualified homeowners two-year home improvement loans of as much as $250,000 with no interest paid by the borrower for the term of the loan. Click here for information.

Homeowners who are thinking about home improvements, including upgrading the residence, make it more energy efficient and “green” or modify it to age-in-place, may consider this program that can make home improvements more
affordable.

Loans, which are not income-sensitive, are available for modernizing or repairing owner-occupied single family detached homes. Owner-occupied duplexes are eligible if the project includes both sides and provided that both sides are homeowner-occupied.

Homes must be at least 10 years old and display a need, such as exterior or interior deterioration, functional obsolescence or lack of amenities found in today’s new homes. The homeowner must reside at the property being renovated and must remain in the home for at least three years from the loan closing date.  

As much as one quarter of the loan may be required to fund exterior improvements. Information: 703-385-2494. 

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