How Do I Fix Up My Home?

How Do I Fix Up My Home?

One of the most asked questions from our clients who buy older homes is “How Do I Get The Money To Fix Up My Home?”  Used to be that was easy with a home equity loan, but most folks now a days don’t have the “equity” for a home equity loan…so..what are the alternatives?

If you live in places like Tooele County, Morgan County, the unincorporated area of Salt Lake County(Kearns, Copperton, Magna, Millcreek, White City), and South Salt Lake, the CDC (Community Development Corporation) has low cost loans available for rehabilitation and critical repairs to your home.

These rehab and repair loans are available to low to mid income families and are designed for owner/occupants only, living in single family homes.  Mobile homes that are not on a permanent foundation on land Not owned by the homeowner are not allowed.

Now, these loans are not based on the equity in your home, they are based on your income, the amount of people that that income supports (who lives in your house), and the home itself.

Once your eligibility is determined for your rehabilitation loan, the CDC will send out a housing specialist to visit your home and help you determine what needs to be done…no the money is not carte blanche so if you were going to put gold leafing on the baseboards, add a hot tub or add a Mercedes to the driveway …not going to happen. The  CDC will be involved the whole way.

When the repairs and rehab projects are determined, they will put a price tag to it all, either estimated or actual bids (and yes you can do work that you are qualified for). This will be submitted  to the loan committee who will then give you the go ahead for your projects and you will “close” on the loan.

After a 3 day wait (so if you change your mind, you can get out of it), then you, the housing specialist and the contractors can sign a contract and set a date to begin work.

The CDC will occasionally send inspectors to see the work progress. Then, once the work is completed and signed off, the contractors will be paid…and voila…you have a repaired home with very low monthly payments.Family With Completed Rehab loan

Now, we have given you kind of a general overview of  these rehabilitation loans in Utah, but you can get more information here including income limits, max loan amounts monthly payments and generally what is involved:

There is also assistance in Salt Lake County for energy efficiency upgrades that can make your home more comfortable & reduce energy use (and monthly bills)! Grants for income eligible households, loans for higher income households. For more information on this visit

Hope this helps….be sure and text or call us at 801-819-9005 if you have any questions.  And if you are looking to purchase a home…well we can help you with that too.  Start Here!