Mobile Home Repair Loans
The City of Concord's Housing Conservation Program makes available to qualified residents Low Interest Rate Home Repair Loans to assist homeowners with major repair work on their homes.
The Housing Conservation Program is funded with
Federal
Community Development Block Grant and City Redevelopment monies.
It is operated by the City of Concord's Community Development
Department, Housing Division.
Translation services for non-English speaking applicants are available by making arrangements ahead of time with our office.
Servicios de traducción para solicitantes que no hablan Ingles están disponibles haciendo arreglos anticipados con nuestra oficina.
General Conditions About the Low Interest Loan Program
- Loan interest rate is fixed at below market rate.
- Loans are repaid with regular monthly installments, or in some cases, payments are deferred until sale, transfer of title, or the end of an agreed upon term.
- Mobile home loans are secured with a lien filed with the State.
- Work must be completed by State licensed and insured contractors or, in some cases, the homeowner.
- Loans funded under this program are not assumable.
- A credit check, employment and income verification, title search and verification of homeowners insurance are required as part of the loan application review.
- Properties to receive repair must be located within the incorporated boundaries of the City of Concord.
Mobile Home Repair Loans
Low interest rate loans and, in certain cases, deferred payment loans, are available to Concord mobile home owners to correct code deficiencies and make necessary home improvements.
Income Limits
The annual family income must be no more than 80% of area median income:
| Persons in Family | Income Limits |
|---|---|
| 1 | $46,350 |
| 2 | $53,000 |
| 3 | $59,600 |
| 4 | $66,250 |
| 5 | $71,550 |
In addition to annual income, household assets must not exceed $20,000 for a single householder, or $30,000 for a household of two or more. Assets mean: Savings accounts, time certificates, equity in stocks or bonds, real property or any other capital investments. Assets exclude your principal residence and other personal effects such as furniture, appliances and automobiles. No adjustments to income are
Adjustments to Income
You may deduct the following from your gross annual income:
- $480 for each dependent 18 years of age or younger, a full-time student or a handicapped person.
- Child care expenses for working parents in certain cases.
- Medical expenses that exceed 7½% of gross annual income.
- $400 for a family with a member over the age of 60.
Borrower Eligibility
- Occupant must be the owner of record.
- To qualify for a deferred payment loan, an applicant must be determined ineligible for an installment loan by the City.
- All existing liens will be evaluated to determine if the property can be used as security for the loan.
City Services and Assistance
City housing rehabilitation staff are available for assistance with determining work items, writing project specifications, collecting bids from contractors, executing city-provided contracts and documents, project supervision, payment coordination and other assistance to help assure proper completion of your project.
Loan Terms
- The interest rate is fixed at below market rate.
- The maximum loan amount is generally $7,500.
- The maximum loan term is 10 years.
- Title fees may range from $100 to $150. These fees can be included as part of the loan.
- Loans are due in full if property is sold or transferred to another owner.
- Generally, there is no prepayment penalty.
- Additional restrictions may apply.
Security Required For Loan
Loans will be secured by a Primary Lien or, in some cases, a Junior Lien on the mobilehome. All existing liens will be evaluated to determine if the property can be used as security for the loan.
Insurance
Homeowners insurance, including fire insurance in an amount to cover all property debt, must be maintained over the term of the loan. Flood insurance will be required if the property is located in an identified flood hazard zone.
Eligible Improvements & Expenditures
- Attic insulation is recommended to a minimum standard of R-38.
- Repairs/improvements to mechanical, heating, plumbing, structural & electrical systems.
- Painting (exterior and interior).
- Improvements to building security.
- Termite damage repair.
- Curbs, gutters, sidewalks, and drainage improvements.
- Repairs or replacement of roofing and fencing.
- Abatement of septic tanks.
- Improvements and modifications for physically disabled persons.
- Removal of blighting conditions on property.
- Architectural, engineering, survey, termite inspection, or drafting services in conjunction with eligible improvements.
- Building permits, title fees, and any other related fees.
- General permanent improvements with City approval (not to exceed 40% of loan amount) with emphasis on exterior work which will improve overall neighborhood appearance.
Ineligible Expenditures
- Additions to existing structure (except when severe overcrowding is determined, or for handicap modifications).
- General home repairs, cleaning, preventative or seasonal maintenance.
- Materials, fixtures, or landscaping that substantially exceed the quality of the surrounding properties.
- Purchase or repair of furnishings.
- Purchase of repair equipment.
- Purchase of land/real property.
- Refinancing any existing property debts.
- Construction/repair of swimming pools, hot tubs or decks.
- General improvements exceeding 40% of the loan amount.
- Repair work covered by insurance, warranty, or mobile home park owner.
- Other restrictions may apply.
Confidentiality
Any personal or financial information submitted by an applicant will be confidential and will be only available to the City of Concord and the U.S. Department of Housing and Urban Development.
Please give us a call if you have any questions or would like to receive additional information about our Loan Program.
