Homeowner Resources
Loan Details
The Cleveland Restoration Society partners with City, County and State agencies to provide a subsidy for our low fixed loan rates.
We Can Help
Our loan product provides a low fixed rate for all types of interior and exterior home repair projects; all paired with impartial expert advice from our staff. To find out what's available for your home, contact a staff member today at (216) 426-1000 or email us at our Heritage Home Program.
Terms:
- KeyBank is our lender
- Fixed rate loans are available at 1.4% in the City of Cleveland
- 5-12 year terms are available
- Minimum loan amount is $3,000
- Maximum loan amount is based on applicant’s qualifications
- There are no closing costs or points and the interest is tax deductible
Fees:
- $125 Loan Origination fee (assessed by KeyBank)
- Our new CRS fee scale is as follows:
$3,000-$9,999 = no CRS fee
$10,000-$24,999 = 1.5% of the total loan amount financed
$25,000+ = 2% of the total loan amount financed - An additional fee may apply if the loan is based on an “after rehab” value
Conditions:
- Projects must be completed in eighteen (18) months.
- Vinyl products cannot be a part of the project scope and cannot be funded.
- Loan documents must be signed before work can begin.
- Contractors must follow CRS’ specifications for project work.
- Contractors must pull permits and be properly licensed.
- Failure to follow program parameters could result in a loss of the low interest rate