HCLF Loan Programs for Home Owners

Home Improvement Loan Program
Eligible Investment Area: City of Hartford

HCLF’s Home Improvement Loan program provides loans from $5,000 - $50,000 for owner-occupied and investor-owned residential properties with 1-4 units.  Mixed use properties are also eligible.

Term:   Up to 15 years, with an amortization of up to 30 years (a balloon payment will be due at the end of year 15 for loans with an amortization period longer than 15 years).  There is no pre-payment penalty.


Application Fee: $25 (nonrefundable)
Closing Costs: Owner occupied properties:  $550 (includes cost of driveby appraisal byan appraiser retained by HCLF)
  Investor owned properties:  $750 (includes cost of full appraisal by an appraiser retained by HCLF) 
  Closing costs can be financed in the final loan amount.



Interest Rates:  Rates for HCLF home improvement loans are fixed for the term of the loan, but vary from time to time based on market interest rates.  Interest rates will also vary depending on borrower and property characteristics.  For example, interest rates for property owners who occupy the residence being improved are lower than rates for investor owners, and interest rates for borrowers with available equity in their property are lower than those with no available equity (equity is required for investor owned properties).   Contact HCLF to inquire about today’s rates and to find out how much your monthly payment might be for a specific loan amount.   


Loan-to-Value Caps:  There are no caps on loans to owner occupants.  For investor owned properties, the maximum combined loan-to-value ratio is 90% and a full appraisal is required (HCLF will order a driveby appraisal for loans on owner occupied properties).

All applications must include at least two separate estimates from licensed and insured contractors for the work to be completed. The contractor used by the borrower must be satisfactory to HCLF. HCLF staff will review the estimate to assure it is reasonable for the work being completed. HCLF may request a third estimate when appropriate.

For information to help you plan your home improvement project, please visit the websites listed under Home Improvement on HCLF’s Links page.

Income of applicant cannot exceed 250% of Area Median Income (based on household size).  Borrowers for investor-owned properties, must submit the Apartment Rental Roll Form.

All borrowers must be current on payment of all real estate taxes on City of Hartford properties in which he/she maintains an ownership interest.

How to Apply:

By phone - Call one of our loan officers at 860-296-7005 x103 or x104 to make an appointment.
In Person – Stop by our office at 434 Franklin Avenue to meet with one of our loan officers.


Copyright 2010 Hartford Community Loan Fund. All rights reserved