Residential Rehabilitation Loan Program
Home Improvement Loans
The Town is now offering 0% interest deferred loans. These loans are up to $75,000. They are for improvements to eligible owner-occupied homes. This includes single and multi-family homes with up to four units. Eligible improvements include:
- Health, Safety and Code Violations
- Energy Conservation
- Accessibility Improvements for Disabled
- Necessary Repairs for Deferred Maintenance
Household Size
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
Household Income
- $62,650
- $71,600
- $80,550
- $89,500
- $96,700
- $103,850
- $111,000
- $118,150
Loan Conditions
The Town needs proof of property and income from all household members to verify eligibility. The applicant must be current on their mortgage payment and property taxes. A promissory note and deed of trust will be executed to secure the loan. The underwriting process may require additional records. The Town may place a loan below existing deeds of trust on the borrower’s property. The Town’s Housing Department will determine this.
Rates And Terms
Loans are at a rate of 0% interest, deferred for a maximum of 30 years. This means no payments are required during the term of the loan. However, if the owner moves out, sells/transfers or initiates a cash-out refinance, the note immediately becomes due and payable. This loan can be repaid at any time without penalty.
Loan & Application Criteria
Must be a home-owner occupant of a single-family home (1-4 units).
Household income must be below 80 percent of the area median. This applies to San Bernardino County as listed.
Home value limits must not exceed $453,000 (H.U.D. (United States Department of Housing and Urban Development) limit effective (July 1, 2023) for the H.O.M.E. program.
Home value limits must not exceed $500,000 for the Community Development Block Grant (C.D.B.G.).
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