City Departments | Calendar | Phone Directory | Jobs | City Newsletter

Rehabilitation Loan

Loan Application

If you qualify as lo w to moderate income (80 percent or less of the median income for the City of Waco) and live within the City Limits of Waco, we might be able to help you fix your home. Don't let a lack of funds keep you from living in a healthy, happy, hazard free home.

Criteria for Rehabilitation Loan Program

  • Property must be owner occupied.
  • Property Insurance and taxes must be current.
  • Borrower cannot own any other real estate that could be income producing.
  • Borrower must income qualify for the mortgage, taxes and insurance
  • Maximum loan amount: Not to exceed $24,999 (plus hazardous paint reduction cost, if applicable.)
  • Terms: 50 % or or below 10 year forgivable loan, above 50 % 1/2 forgivable loan over 10 years, and balance payback over 20 years at 0% interest.
  • Contractor must provide liability insurance, obtain and pay for all permit and licenses necessary, perform all work to City code, premises must be kept clean, one year's builders guarantee, furnish all manufacturers warranties and written guarantees, must be preapproved by the City of Waco.
  • All City code issues will be addressed and included in inspector's work estimate.
  • A structure is determined feasible if the rehab costs do not represent more than the after rehab value of the structure.
  • Structures not feasible for Rehab will be considered for Reconstruct with interest rate not to exceed 3%
  • Homeowner may be required to make an investment in the project depending on income

Note: Any rehabilitation work that is done using federal dollars will have to be completed with lead certified workers and the project will have to pass clearance prior to funding To ask questions concerning Lead Based Paint, call the City of Waco's Housing & Community Development Services at (254) 750-5656 or click here: Lead Based Paint Issues

City of Waco
80 percent of the Median
2009 Income Criteria
Family of 1 $28,950
Family of 2 $33,100
Family of 3 $37,200
Family of 4 $41,350
Family of 5 $44,650
Family of 6 $47,950
Family of 7 $51,250
Family of 8 $54,600

 

Waco Housing & Community Development>>