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For an owner occupied loan, the household income must be less than 80% of median income (view Income Eligibility Guidelines). The home must have sufficient equity available to apply. The property must be owner occupied for at six (6) months prior to the application date and remain owner occupied until the loan is paid in full. Clients must also have a consistent source of income to maintain their home, pay property taxes & insurance, and necessary living expenses.
Applicants with poor credit are still encouraged to apply. A credit report will be pulled as part of the application process, however it is only to identify major concerns that could lead to defaulting on the loan.
For a non-owner occupied loan, the investor is required to fund 50% of project expenses and make housing available to low and moderate income families.
Check to see if you are eligible using this form > (Am I eligible for a CHIP loan?)
Loan eligibility is not based on a credit score or rating.
Once your project moves to the top of the waiting list, CHIP staff will set an appointment to meet at your home. A CHIP staff member will assess your home, check the main systems (electrical, foundation, plumbing, roof, heating) and recommend the scope of work.
CHIP maintains a list of pre-approved General Contractors. If you are a licensed, bonded, and insured General Contractor and have substantial residential remodeling experience you may qualify to become an approved Contractor. CHIP is looking for smaller independent remodeling contractors, sole proprietors and the like, that consist of approximately 1 to 5 employees. The ability to prepare and submit competitively priced bids is important.
Unfortunately, CHIP does not maintain a list of specialty sub-contractors and will not accept applications unless you are a general remodeling contractor.
If you are interested, please click here for more information > CONTRACTORS WANTED