LOAN PRODUCTS

Home Repair:    Interest rate: 4.25%

                                     Terms: 3-5 years

 Homeowner loans are given for upgrades, repairs, weatherization, and aesthetic improvements.  Homeowners must reside in the home.

Down Payment & Closing Costs:     Interest rate: 4.25% Terms: 3-5 years

First time homebuyers with limited income may borrow funds to pay down payment and closing cost fees associated with a home purchase. This product can be combined with a first mortgage from Regional Loan Fund (4.125%30-yr) for first-time homebuyers at the rate of 3.25%. (LNDF is sole agent for this funding in the Lynchburg area.) Some portion of the down payment and closing costs will be awarded as grants to qualified applicants.

Forgivable Financing:     Interest rate: 0%

                                         Terms: 5 years                       

All approved borrowers whose household income is less than 80% will receive a grant towards the total project cost for $1,000 to $3,500. This grant carries a 5-year lien that is forgivable on a pro rata basis of 1/5 per year.

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