The House Enhancement Loan Program makes it possible for homeowners to improve homes or rental properties at rates 3 percentage points less than bank's market interest rate. There are no upper income restrictions and the money can be used for most non-luxury improvements to the home.
Use the funds for general repair, maintenance, code-violations, even property upgrades. There is no upper limit on borrower's income and both owner-occupied and investment dwellings are eligible. Property taxes need to be current.
H.E.L.P. is available for single- and two-family dwellings with an appraised value less than $250,000. There is no valuation limit for dwellings with thre or more units. Credit decisions are based on the bank's normal lending criteria, borrow up to $200,000, pay the loan back over 5 years or 10 years for loans over $125,000 and bank fees are capped at $175.