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Back First Northern Bank is proud to offer our Neighborhood Investment Home
Improvement Loan designed exclusively for homeowners having trouble
saving for out-of-pocket expenses associated with home repairs. If
you’ve been thinking about adding a new roof, fixing your fence, or
making other much needed repairs to your home, we’ve made it easy to
get the money you need to do just that by using the equity in your
home.
What kind of loan is this? What
can I use the loan for?
First Northern Bank’s Neighborhood Investment Home Improvement Loan is
a fixed interest rate loan with a one-time advance of the entire loan
amount. You can use the loan for virtually all types of home repairs
and improvements.
The Neighborhood Investment Program offers:
Reduced interest rates
No closing costs
Fixed monthly payment for the term of your loan
A variety of loan terms to choose from
Potential Tax Savings
The interest paid on your Home Improvement Loan may be tax deductible
for many homeowners. Consult your tax advisor for complete information
about deductibility.
Eligibility Requirements
Our Neighborhood Investment Home Improvement Loan is available to
residents of Sacramento, Yolo and Solano Counties whose incomes are at
or below 80% of the County’s designated median income. The table below
presents each County’s respective median income and related maximum
household income for eligibility purposes.
| Median Income Table |
|
A |
B |
C |
|
County |
Median Income |
Your Maximum Household Income* |
|
Sacramento |
$59,800 |
$47,840 |
|
Yolo |
$55,100 |
$44,080 |
|
Solano |
$67,800 |
$54,240 |
| Column B x .80=Column C |
2003 HUD MSA |
*Your household income must not exceed the amount shown in Column C
above to qualify for a Home Improvement Loan under the Bank’s
Neighborhood Investment Program.
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Financing Options
For your convenience, we offer the following financing options:
|
Type |
Loan Amount |
Maximum % Financing* |
|
Primary residence |
$5,000 to $100,000 |
Up to 80% |
|
Primary residence |
Over $100,000 |
Up to 70% |
Rental property/
vacation home |
$5,000 and over |
Up to 70% |
*Note: Maximum loan size will be based in
part on the value of your home. It will also depend upon the Bank's
evaluation of your creditworthiness and ability to make your loan
payments.
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Borrowing Potential
Equity is one of the factors used when determining how much you may be
eligible to borrow. Use this calculation table to estimate your
borrowing potential.
|
Current Value of Your Home* |
$ |
|
Multiply by .80 (80% of the value of your
home)** |
= |
|
Less Balance of 1st Mortgage |
- |
|
Loan Potential in Your Home** |
= |
*Note: The figure you use is subject to
confirmation by the Bank based upon its appraisal or evaluation of
your property's value.
**Note: Maximum loan size will be based in part on the value of your
home. It will also depend upon the Bank's evaluation of your
creditworthiness and ability to make your loan payments.
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Applying for a Loan is
Easy!
First Northern Bank provides two convenient
ways to apply for a Neighborhood Investment Home Improvement Loan.
After reviewing the eligibility requirements above, simply:
- Stop by any First Northern Bank Branch and
pick up an application. Once completed, bring it along with the
applicable financial information to the Branch nearest you.
- Call our Lending Center at (800) 877-0961
to apply by phone between 7 a.m. and 9 p.m., 7 days a week.
Be sure to indicate that you’re applying for the Neighborhood
Investment Home Improvement Loan.
More Information
For more information,
call or stop by any one of our convenient
Branch locations
and ask to
speak to a First Northern Bank Loan Representative.
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