If you own your home and need to make repairs or accessibility updates, we can help! Clinch-Powell can assist you with financing these repairs through one of our repair loan programs. The programs can be used to make non-cosmetic repairs that will weatherize your home and lower utility cost, repair structural issues, or provide updates to the home in order to improve accessibility to a resident with one or more disability.
Programs and Products
Tennessee Renovation Loan Program (TRLP)
This program is available in every county in Tennessee that is not included in the Appalachian Renovation Loan Program (ARLP).
Loan Terms and Benefits- 5 Year Term (forgivable 20% per year)
- Fixed Rate 0%
- No Monthly Payment
- No prepayment penalty
- Amounts from $5,000 - $25,000
Property Qualifications
- Property must meet some guidelines
- Must have hazard insurance
- Single or double-wide must be on permanent foundation and taxed as real estate
Eligibility
- Income Limits vary by county
- Borrower must occupy home and stay for five years
- Post-Purchase Education Required
USDA 504 Home Repair Loan
- 20 year term
- Fixed Rate 1%
- Up to $7500
- No Lien put on home
- Must be in RD eligible area
- Property must meet some guidelines
- Must be considered very low income
- Must have stable income Ability to repay Borrower must occupy home
Appalachian Renovation Loan Program (ARLP)
This program is available for 31 counties across Tennessee. Contact us today to see if you are eligible!
ARLP for Distressed or At-Risk Counties
CountiesBledsoe, Campbell, Carter, Claiborne, Clay, Cocke, Fentress, Grainger, Greene, Grundy, Hancock, Jackson, Jefferson, Johnson, Lawrence, Lewis, Macon, McMinn, Meigs, Monroe, Morgan, Overton, Pickett, Polk, Rhea, Scott, Unicoi, Union, Van Buren, Warren and White
Loan Terms and Benefits- 5 Year Term
- Fixed Rate 0%
- Amounts from $5,000 - $25,000
- Must be in Distressed and At-Risk County (see above list)
- Property must meet some guidelines
- Must have hazard insurance
- House must be at least 10 years old.
- Mobile homes must:
- Be on permanent foundation.
- Be taxed as real property, not chattel.
- Income Limits vary by county
- Borrower must occupy home
- Post-Purchase Education Required
- Must have lived in the home for five years.
Clinch-Powell Home Repair Loan
- 100% Financing
- Up to 5 Year Term
- Fixed Rate 4%
- Up to $7500
- Must be in RD eligible area
- Property must meet some guidelines
- Income 80% AMI or below
- Must have stable income
- Ability to repay
- Borrower must occupy home
