If you are buying your first home and it needs repairs, you may qualify for a renovation loan that can be combined with a home purchase loan.

INHS Home Improvement Loan Program

	Home Renovation Loans
Type of Loan	Fixed rate loan for repair or renovation.
Loan Restrictions	Home must be owner-occupied and free of liens or judgments.
Interest Rate	Fixed rate of 1% to 8% per year. Rate is based on borrower's income.
Loan Amount	Combined value of all loans on the property usually cannot exceed 110% of property value after the completion of renovations.
Eligible Properties	One- or two-family owner-occupied homes
Lending Area	City of Ithaca
Income Eligibility	Household income cannot exceed program limits. See table below.

Funding for our low-interest loans comes from federal or state programs that provide funds at below-market rates. Since the cost of these funds has been reduced, they are restricted to households that fall within certain income limits. The availability of these funds may also be limited. They are offered on a first-come, first-served basis.

Eligibility for INHS is limited to households earning less than the income limits shown below. These limits are based on the combined annual income of all household members and vary according to the number of people in each household.

Maximum Annual Income for INHS Home Improvement Loan Program

Household Size	Maximum Annual Income
1	$57,800
2	$66,100
3	$74,300
4	$82,600
5	$89,200
6	$95,800
7	$102,400

Even if you don't fit into these income guidelines, contact INHS for assistance. We have excellent relationships with many lenders and can help you find many sources for home renovation loans.

Questions?
Contact Diana Garcia at dgarcia@ithacaNHS.org.