Second Mortgages (Deeds of Trust) or Home Improvement Loan Programs
This is the complete list of all second mortgage or home improvement loans programs
available to help with the renovation, rehabilitation, and upgrading costs associated
with a home. For complete details and information on participation in these programs,
contact the organization directly.
Elderhomes
Citywide Home Rehabilitation Loans
This loan, like the Citywide Home Rehabilitation grant, is to help with upgrading
or replacing major structural systems such as, roofs, electrical systems, heating
and air conditioning systems, plumbing as well as lead based paint removal of owner
occupied homes. The loans are for a maximum of $28,000. The resident must also be
at or below eighty (80) percent of the medium income level for the city and is available
to home owners citywide. For more information on this loan program call ElderHomes
of Richmond at (804) 233-2827.
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Neighborhood Housing Services of Richmond (NHSR)
Home Improvement Loans
This loan is for residents of the Neighborhood in Bloom communities. The loans are
for up to $30,000 for the upgrading of electrical and/or plumbing systems, to install
a new roof, paint your house or whatever you want. The loans are for terms of one
(1) to thirty (30) years at a fixed rate of five (5) percent. The loans are restricted
to low and moderate income households and all North Plan District residents (except
census tract 102 and 104) are welcome to apply. NHS of Richmond also provides qualified
contractor and construction management services. For more information on this loan
call NHSR at (804) 329-2500 ext. 20 or visit on the web at the
Neighborhood Housing Services
of Richmond web site.
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NOW Loan Program
NHS has a first mortgage product that allows home owners to purchase or re finance
and rehabilitate their home with competitive rates and flexible terms. Home owners
are able to borrow up to one hundred and twenty (120) percent loan to value. It
allows home owners in depressed real estate markets within the City to borrow above
appraisal to renovate homes. Construction management services are included. This
offer can be combined with down payment and closing cost assistance. For more information
on this loan call NHSR at (804) 329-2500 ext. 20 or visit on the
web at the Neighborhood Housing
Services of Richmond web site.
Low Payment Improvement Loans
This loan is for residents of the Neighborhood in Bloom communities. The loans are
generally do not exceed $6,000 and are for the upgrading of electrical and/or plumbing
systems, to install a new roof, paint your house or whatever you want. The loans
are for terms of one (1) to thirty (30) years at a fixed rate and at and repaid
at $25 per month. The loans are restricted to low and moderate income households
and all North Plan District residents (except census tract 102 and 104) are welcome
to apply. NHS of Richmond also provides qualified contractor and construction management
services. For more information on this loan call NHSR at (804) 329-2500 ext.
20 or visit on the web at the
Neighborhood Housing Services of Richmond web site.
Virginia Housing Development Authority (VHDA)
Home Repair Loans
VHDA offers low interest rate fixed loans for home improvement through the HUD Title
1 Home Improvement Program. Loans are available in amounts up to $25,000. For more
information on this loan call VHDA at (804) 782-1986.
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