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Rehabilitation/Reconstruction Loans

Loan Application

Purpose:

To improve living conditions for lower income homeowners through either the rehabilitation of their existing home or building a new home if repair is infeasible.

            Benefits:

                        Rehabilitation:

      • Up to $24,999 partially forgivable loan to repair an owner-occupied home to current City building codes
      • Zero-percent interest on the repayment portion of the loan

    Reconstruction:

    • A partially forgivable loan (up to $80.00 per square foot plus closing costs for pre-approved house plans) for the construction of a new owner-occupied home in place of an existing structure deemed infeasible for repair
    • Zero-percent interest on the repayment portion of the loan

Eligibility Criteria:

  • Borrowers must meet income criteria (80% or below median income)
  • Property insurance and taxes must be current
  • Borrower cannot own any other income-producing real estate
  • Borrower must qualify for the mortgage, taxes and insurance
  • A structure is determined feasible for rehabilitation if the rehab costs do not represent more than the after-rehab value of the home or exceed $24,999.
  • Structures not feasible for rehab will be considered for reconstruction


More terms may apply to this program.  For more information, please contact us at 750-5656.

City of Waco
80 percent of the Median
2010 Income Criteria
Family of 1 $29,050
Family of 2 $33,200
Family of 3 $37,350
Family of 4 $41,500
Family of 5 $44,850
Family of 6 $48,150
Family of 7 $51,500
Family of 8 $54,800

 

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