The People’s Bank/Connecticut Housing Investment Fund, Inc. (CHIF), HomeImprovement Loan Program, provides loans to eligible homeowners who wish to repair or renovate their homes. Homes must be one- to four-family residential properties that are located in Connecticut and are owner-occupied. Homeowners may borrow a minimum of $400 and a maximum of $10,000 at a 7.99 percent fixed rate. The loan amount a person can receive depends upon his or her ability to repay the loan. The maximum loan term is 10 years. Repayment is based on this maximum term, but borrowers can repay the loan sooner if they wish, with no pre-payment penalty. Eligible improvements that can be made with this loan program include:
Additions to the structure, finished attics, repair of termite damage,
Remodeled kitchens and bathrooms,
Elimination of health and safety hazards,
New exterior siding and exterior painting,
Roofs, gutters and downspouts,
Reconditioned or replacement of plumbing, air conditioning, and electrical systems,
Flooring, tiling and carpeting,
Improving accessibility for persons with disabilities, and
Energy conservation improvements, which can include double-pane windows, insulation and domestic hot water systems.
Homeowners can apply for loans by calling, writing, faxing or emailing CHIF. It usually takes CHIF approximately three to four weeks from the time an application is received to close or grant a loan.
Eligibility Requirements, Service Areas and Program Year:
Eligibility Requirements:
Must live in a one- to four-family residential property located in Connecticut.
Must pay a non-refundable application fee of $25.
Must pay closing costs, which are approximately $60.
Must have good credit.