CLEVELAND--(BUSINESS WIRE)--Third Federal Savings and Loan is now offering Heritage Home’s 15-year fixed rate home equity loan for homeowners in Cuyahoga County interested in restoring a detached one or two-family home built in or before 1967.
Loan amounts range from $10,000-$150,000.
Qualified borrowers can use the loan to pay for interior and exterior home improvements which ultimately can increase the value and livability of a home. Loans are available in select communities in Cuyahoga County and cannot be used for purchase of a property. Loan funds are escrowed through the Cleveland Restoration Society and will be released to the project contractor as progress is made on the project.
For more than 40 years, the Cleveland Restoration Society has used historic preservation to revitalize communities, strengthen the regional economy, and enhance the quality of life in northeastern Ohio.
“Northeast Ohio has a wonderful inventory of beautiful homes built before the mid-1960s,” said Maria Thompson, Third Federal’s manager of Community Development Services. “As these homes have aged, the need to repair and restore them has increased significantly, so we’re pleased to offer borrowers a loan product geared to doing that.”
Eligible communities in Cleveland include Slavic Village; Lee-Harvard; Lee-Miles; Union-Miles Park; Ohio City; Tremont; Downtown; Buckeye/Shaker Square; Mt. Pleasant; Woodland Hills; Little Italy; University Circle; Fairfax; Larchmere; Kinsman; Hough; Midtown; Goodrich; Campus District; North and South Collinwood; Wade Park; Glenville; Euclid-Green; St. Clair-Superior; Cudell; West Blvd; Old Brooklyn; Brooklyn Centre; Clark Fulton; Stockyards; Edgewater; Detroit Shoreway; Bellaire-Puritas; Riverside; and West Park/Kamm’s Corner. Many other Cuyahoga County municipalities are also eligible to receive the Heritage Home Loan Program, including cities like East Cleveland, Warrensville Heights, and others. For a full-list of the participating municipalities, contact or visit a Third Federal Branch; www.Heritagehomeprogram.org or the Heritage Home program at 216-426-3116.
Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 75th anniversary in May, 2013. Third Federal, which lends in 21 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of September 30, 2016, the Company’s assets totaled $12.91 billion. For more information, visit thirdfederal.com.