Frequently Asked Question’s

Home Improvement Loan Program (10)

How soon will I find out if I qualify for home improvement loan?

You will be notified of your eligibility by mail within 30 days after NHS receives your completed application with all required documentation.

What happens after I apply for assistance?

The NHS rehab staff will go over your application and documentation to determine if you meet the eligibility requirements.  Then you will be notified if you are eligible or ineligible. If the application is incomplete or any of the required documentation is missing, you will be asked to provide the missing information before we process your application.

My application has been placed on the wait list. How long will I have to wait?

Waitlist times vary depending on the type of work that needs to be done and the funding sources available.  While we make every effort to service qualified applicants as soon as possible, a wait of several months is not uncommon.

How much money can I borrow?

The amount of money available for each client varies depending on a number of factors including the total amount of mortgages currently on your home, the cost of the improvements compared to the fair market value of your home, and limits set by our funding sources. The maximum amount of money we can loan is limited to the cost of the repairs (labor and materials) plus loan closing costs. We cannot loan money for repairs totaling less than $1,200.

Do I have to get bids from contractors before applying for a loan?

The NHS Development Coordinator will take care of getting bids from the qualified contractors of your choice from our list of approved contractors.  Our funding sources require us to invite at least three contractors to bid on each project area.  However, if you have already received some bids on the work to be done on your home prior to applying with NHS, we may be able to use them.

Can I choose who I want to have do the work on my home?

NHS maintains a list of contractors from the area who have been approved to work on NHS projects.  These contractors hold licenses from the State of Wisconsin and are fully insured.  You may choose contractors from this list. If you would like to have a contractor who is not currently on our list, they can pick up a contractor application at our office and return it with license and insurance documentation.

What is an HQS Inspection and why do I have to have one?

Housing Quality Standards (HQS) inspections are carried out prior to loan processing to identify repair issues that make keep your home from being considered decent, safe or sanitary.  An initial HQS inspection is required before assistance can be provided.  The work specifications for your home are written up based off of the inspection report.  After the improvement work on your home is complete, a final inspection is done to make sure the repairs have been completed per the bid specifications.

I do not live in Richland County. Can I receive home improvement loan from NHS?

NHS Home Improvement Loans are only available for Richland County residents. If you reside in a neighboring county, NHS can refer you to a partnering agency in your area.

How much will my loan payments be?

Most rehab loans are 0% interest and no payments. The amount of your loan does not have to be repaid until you sell your home, refinance or it is no longer your primary residence.

Can I pay off my loan ahead of time?

You have the right to pay off your loan at any time without penalty. You may wish to discuss this with your tax advisor.