Old Town Home Improvement Loan Program

Homeowners, Improve the efficiency of your home with a below market interest loan.

With a Low-Interest Loan, You Can Make Energy Efficiency Improvements:

• Install new windows
• Add air conditioning
• Replace a furnace
• Add insulation and seal air leaks
• Replace doors
• Install new hot water heaters
• Other improvements directly related to energy efficiency

Income Qualifications

To be eligible for this loan, the borrowers' household annual income cannot exceed the following limits:

Please inquire for income limits on households of five or more persons. The City must verify eligibility.

General Qualifications

• You must live within the Old Town Area and meet the income guidelines.
• You must own and occupy the property to be improved, as your principle residence.  Only 1- and 2- family unit dwelling are eligible.
• Your home must be built prior to 1951.
• You must have an acceptable credit history and have the ability to repay the loan.
• Your County property tax payments must be current.
• You must comply with all applicable City and County permits, codes, and inspections.
• All contractors must be licensed.

Loan Terms

All Home Improvement Loans will be made with the following terms:

• Maximum loan amount is $10,000.
• Minimum loan amount is $2,500.
• The loan will be a simple interest loan with no prepayment penalty.
• The loan disbursement must be made directly to you and your contractors.
• All loans must be secured by a Deed of Trust on your home.
• The project must be completed within six months and be approved by a city inspector.
• The interest rate is fixed for the life of the loan.
• All loans on your home, including the new loan, cannot exceed 100% of the value of your home.
• Your loan must be paid in full if you move or sell your property.
• Loan funds may not be used to refinance any existing debt. Improvement projects completed prior to the loan will not qualify.
• UMB does not guaranty, expressly or implied, the workmanship of the contractor and the selection of the contractor is the sole decision of the borrower.

How to Apply

1. Verify your residence is located within the Old Town Area.
2. Verify the age of your residence.  The County Assessor's Office can assist in providing this information
3. Decide what energy efficiencies you want to make to your home.
4. Determine your income.  The City must verify income eligibility; call 634-6305
5. call mary Lou Hughes at UMB Bank for an application, 638-2378.

You will need to provide a copy of your:

1. Most recent County property tax receipt.
2. General warranty deed.
3. Verification of when the home was built from either a property appraisal or County Assessor's records.
4. Homeowner's insurance declaration page.
5. Contractor's bids for repairs and improvements.
6. Most recent pay stub and tax return, including the W-2.
7. Pension benefit statement 1099 and/or social security benefits awards letter, if applicable.

For more information call:

• Melva Fast, City of Jefferson (573) 634-6305
• Mary Lou Hughes, UMB Bank, n.a., (573) 638-2378