City of Perham and United Community Bank announce $1,000,000 investment in housing program
United Community Bank is working with the city of Perham to help local homeowners reinvest and make improvements in their homes through a $1 million Perham Community Home Improvement Program. The low-interest loans are combined with inspection services from the City of Perham to assist homeowners in identifying necessary repairs and make improvements on older homes. The program started April 2 and will run until Friday, June 29, or until the funds are exhausted.
City Manager Jon Smith stated, "The Perham Community Home Improvement Program (HIP) is a great opportunity for our residents to do needed improvements to their homes. We hope that people are able to take advantage of the Perham Community HIP to help preserve our community's homes."
"We are excited to be able to offer this low interest loan program to Perham residents," said Tessa Formanek, senior mortgage lender at United Community Bank. "This will be an opportunity for homeowners to get their home projects done and get our neighborhoods looking good. We are thankful to be part of progressive Perham."
About the Perham Community Home Improvement Program
• 3.75 percent fixed interest rate (3.764 percent APR*)
• 10 years repayment term
• Projects ranging from $10,000-$50,000
*Terms and conditions may apply. A $25,000 home equity loan at 3.75 percent interest rate for 120 monthly payments of $250.21 will have a 3.764 percent APR. All loans are subject to credit and underwriting approval. United Community Bank, Member FDIC, Equal Housing Lender, NMLS 421829.
Eligible improvements can include additions, remodels, finishing basements, accessibility, shingles, siding, windows, electrical, plumbing, heating, decks, and landscaping.
• Available for owner-occupied residences within the city of Perham limits
• Home must be built before 1990
• Accessed home value must be less than $200,000
• Requires automatic payment plan from UCB checking account
• Subject to credit qualification and home evaluation
About United Community Bank
United Community Bank is a locally owned and operated full-service bank with four locations in Perham, Dent, and Frazee. UCB has been committed to providing convenient banking services to the area since 1911. Learn more at www.ucbankmn.com.