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QUESTIONS AND ANSWERS

Question: What are the credit requirements of the Program? If I have a limited credit history, can I still qualify for this loan?

Answer: Each lender in the Program establishes its own underwriting guidelines to determine if the borrower is an acceptable credit risk. If you have a specific question with regard to credit, we recommend you contact the lender directly using the telephone numbers identified in the How to Apply Section of the website. If the applicant has a limited credit history, the lender may use alternative sources of credit i.e. payment history of utility bills to determine the creditworthiness of the borrower.

Question: Can I walk into any branch of a participating lender to make application? What documentation must I bring with me at the time of application?

Answer: In order to make application, first contact the lender of your choice using the telephone numbers identified in the How to Apply section of the website. The lender will identify for you:

• The address and telephone numbers of the branches, which are located in the section of the City where you would like to make application. Note: Some of the lenders have designated specific branches to take applications for the Program. Hence, in some cases, not all branches of a particular lender are authorized to accept applications under the Program.
• Documentation you should bring with you at the time of application
• Any special requirements of the lender

Question: Will there be an appraisal of the home completed as part of the application process?

Answer: No. In as much as these loans are credit based and not equity based, an appraisal of the home is not required.

Question: If the term of my loan is for 20 years and I pay the loan off early, will I be penalized?

Answer: No. There is no prepayment penalty associated with this loan.

Question: Can I purchase furniture with the proceeds of the loan?

Answer: No. In general, in order to be eligible, the improvement must become part of the real estate as opposed to personal property. For example, central air conditioning is an eligible improvement, while an air conditioning wall unit would be ineligible since it can be transported to a new location outside of your home. Likewise, wall to wall carpeting is an eligible improvement while an area rug would be ineligible since it can be transported to a new location outside of your home. For examples of eligible and ineligible improvements, click on the section of the website labeled Improvements

Question: Can I borrow more than the amount needed to perform home improvement? For example, can I receive a loan in the amount of $ 25,000 of which $10,000 will be used to remodel my kitchen and $15,000 will be used to consolidate debt?

Answer: No. The proceeds of the loan must be used strictly for home improvement. In this example, the loan amount would be $10,000, the cost to remodel the kitchen.