City of Racine Housing Repair Program

City of Racine Department of City Development

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Homeowner Repair Loan Qualifications

Who Qualifies?

Many homeowners within Racine qualify for a homeowner repair loan.

To qualify for a loan with the City of Racine, homeowners must be:

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Current with mortgage payments*, property taxes, and property insurance.
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Within the City of Racine city limits. (Other county residents are not eligible.)
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Within household income guidelines.
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In agreement with program funding rules.
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To be eligible for the Housing Repair Program your income must fall within the appropriate household size. All household income will be verified using the last 3 years of tax returns, wage stubs, etc.

HOUSEHOLD SIZE

1 person

2 persons

3 persons

4 persons

5 persons

6 persons

30% Income

$19,200.00

$21,950.00

$24,700.00

$27,400.00

$29,600.00

$31,800.00

50% Income

$32,000.00

$36,600.00

$41,150.00

$45,700.00

$49,400.00

$53,050.00

60% Income

$38,400.00

$43,920.00

$49,380.00

$54,840.00

$59,280.00

$63,660.00

80% Income

$51,200.00

$58,500.00

$65,800.00

$73,100.00

$78,950.00

$84,800.00

Homeowners with mortgages are eligible as long as the ratio of the loan to home value is 120% or less. For example, a homeowner with a house valued at $100,000 who owes $110,000 on a mortgage can still borrow up to $10,000 for repair work.

There is a $300 application fee for Home Repair loans.

 

Homeowner Repair Loans

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