As of 12/31/06 our MVNIA Home Improvement Loan Program is discontinued. If you or someone you know is looking for a home equity loan that has a fixed rate and low interest, please give us a call. We will be happy to refer you to one of our banking partners who is continuing to offer loans under the MVNIA income guidelines.

MVNIA Loan Program (discontinued)

MVNIA's program included:

• A fixed rate so payments would not change for the term of the loan.
• Low payments, you may be able to take up to 10 years to repay.
• Less rigid qualifying criteria than a regular bank loan.

Loan Proceeds

Loans may be used for the following:

• Health & Safety Repairs
• Accessibility Modifications
• Repair or Replacement of Plumbing, Heating, or Electrical Systems
• Additions
• Roofing, Siding, and Exterior Improvements
• Kitchen and Bath Remodeling
• Doors and Windows
• Energy Efficiency Improvements

Rates and Terms

• The MVNIA rate as of February 2006: 6.5 %
• The maximum loan amount is $30,000
• Loans are generally fixed rate.
• Loans are made for terms no greater than ten (10) years

Loan Approval
The following criteria applies:

Credit. Less than perfect credit should not solely prevent a loan's approval. Circumstances that were considered a one-time occurrence and have impacted the borrower's credit include divorce, health-related problems, family situations, job loss, and others.

Ability to Re-Pay. Your supporting monthly income must support the debt. Of the various principles in the decision-making process, ability to re-pay is the most important.

Other Factors
There may be other circumstances that contribute to the proposed project funding request that mitigate risk. Every effort will be made to review any and all aspects of the people involved.

Borrower Eligibility

Requirements:

• Reside in the Cities or Townships of Batavia, Geneva or St. Charles.
• Own and live in the home you wish to repair or improve
• Have an annual, total gross family income that does not exceed the amounts listed in the Income Table below

For more information about these and other MVNIA services contact:

Kathy Koziara
MVNIA Project Coordinator
Email: Kathy@mvnia.org