Bank, county offer low-interest loans for homeowners

Kent Weeklies

Summit County Fiscal Officer Kristen M. Scalise CPA, CFE reintroduces the Fix-It Funds Home Improvement Loan Program to benefit the homeowners of Summit County.

Qualifying homeowners can apply for low interest, fixed rate loans through Westfield Bank to fund large and small home improvement projects. Loan amounts can range from $5,000 to $50,000 and interest rates are up to 2% below the bank's current rate.

“I’m proud to reintroduce a program that directly benefits homeowners in Summit County. Fix-It Funds provide an excellent tool for keeping your home updated and in working order,” said Scalise. “I encourage residents to take advantage of this program to create the home of their dreams.”

Fix-It Funds may be used for home repairs, remodeling, property upgrades, and code compliance with few restrictions. Under the program, homeowners have the opportunity to install or replace electrical systems, air conditioner, furnace, plumbing, carpeting, floor tile, chimney, deck, driveway, sidewalk, siding, windows, and doors. Additionally, the funds can be used to add or remodel a basement or bathrooms, install a security system, repair a roof, or paint the exterior of a house and garage.

Fix-It Funds may not be used to purchase luxury items or household appliances. Restricted items include swimming pools, saunas, hot tubs, satellite dishes, washer/dryer units, dishwasher, refrigerator, freezer, stove, or oven.

To qualify for the program, the parcel must be owner-occupied (1-4 family unit dwellings are eligible), appraised in county tax records for $250,000 or less (excluding land value), be current on real estate taxes, and have a loan-to-value ratio of 80% or less. There is no income limit.

Westfield Bank is member FDIC, equal opportunity lender. The process begins with the Summit County Fiscal Office. Homeowners must submit a completed application with parcel information and project details. A limited amount of funding is available and loans will be approved and funded on a first-come, first-served basis.

Loans are originated by Westfield Bank, FSB (NMLS #507706). All loans are subject to credit review and approval. Properties are subject to an appraisal. A $150 application fee applies.

Applications for the Fix-It Funds Home Improvement Loan Program can be downloaded from the Fiscal Office’s website at FiscalOffice.summitoh.net. To request a copy of the application by mail, call 330-643-7703 or email summittreas@summitoh.net.

For questions about the loan process, contact Westfield Bank, Neil Lindgren (NMLS #711445, 2875 State Road, Cuyahoga Falls 44223) at 330-319-2550 or email NeilLindgren@westfield-bank.com, or Elizabeth Bickel (NMLS #1095066, 2923 Smith Road, Akron 44333) at 330-668-6410 or email ElizabethBickel@westfield-bank.com.