Question: Is this loan a mortgage or a home equity product?

Answer: No, this is an unsecured personal loan offered by The Huntington National Bank. You will not need to mortgage your home.

Question: Are there any closing costs with this loan?

Answer: No, you will not have to pay any closing costs associated with this loan.

Question: How quickly can I get my funds?

Answer: The amount of time it takes to receive funds will vary depending upon how long it takes you to provide the required information and how long it takes us to review your application. On average, it takes 2-3 weeks from application until closing. After final approval and the signing of your loan documents, you will receive your funds.

Question: Who can I call or email with questions about the home repair loan program?

Answer: Call Huntington if you have questions about this program at (800) 628-7076.

Question: Who is eligible to apply for this loan?

Answer: Because you are enrolled in the Power of Home program you are eligible to apply. Power of Home is a collaborative partnership between John Glenn College of Public Affairs at The Ohio State University, the Ohio Housing Finance Agency and Framework Homeownership. Loans are subject to credit application and approval.

Question: How long will this loan program be available?

Answer: This loan program is scheduled to end on or before December 31, 2024.

Question: What types of repairs or home improvements are eligible?

Answer:

Loan funds may be used for most types of permanent repairs or improvements to your home, such as repairs or improvements to the basic livability or energy efficiency of the property including additions, alterations, renovations, and/or repairs, deferred maintenance, external improvements, and non-cosmetic upgrades are the primary use. You may use loan funds to repair or improve the following items, among others:

• Furnace
• Electrical system
• Foundation
• Siding
• Roof
• Windows
• Insulation
• Heating  ducts
• Plumbing, well and septic system

Loan funds may also be used to:

• Install ramps and bars to make a home more accessible for a person with mobility issues
• Improve energy efficiency through new insulation, doors and windows
• Repair structural deficiencies and other hazards
• Repair or improve appliances that are permanently installed

Question: Are there income restrictions for this loan?

Answer: Yes, there are income restrictions. Your loan consultant will be able to discuss these with you.

Question: What type of repairs or improvements are not eligible?

Answer: Loan funds may not be used for lead-based paint abatement, demolition, reconstruction activities (i.e. conversion of bedroom units), security systems, improvements (i.e. installation of sprinkler systems), luxury projects (i.e. swimming pools, hot tubs), or for free standing appliances.

Question: How can I apply for a loan?

Answer: Contact Huntington’s dedicated call center at (800) 628-7076 to start an application. Online applications are not accepted at this time.

Question: How much can I apply for and what loan terms are available?

Answer: We offer loans ranging from $2,000 and $10,000. The interest is fixed at 5.99% APR. Loans are repayable in 60 monthly installments of $19.33 per $1,000 borrowed.

Question: What information do I need to provide to apply for the loan?

Answer: Call (800) 628-7076 and provide promo code PCOSUHR. Your loan consultant will ask for additional information after you apply.

Question: Are pre-construction counseling services required to obtain loan funds?

Answer:

Yes, you may be required to complete counseling prior to final approval.

Upon completion of the counseling session, the pre-construction counselor will issue a certificate of completion to you by email. You must provide this certificate to the loan consultant as proof of completion for final approval and the release of loan funds.

NOTE: Only one borrower on the loan is required to complete pre-construction counseling, but we encourage all borrowers to complete counseling together.

Question: How long does it take to complete pre-construction counseling services, if required?

Answer: We encourage you to complete a one-hour telephone counseling session with a participating NeighborWorks^® Collaborative of Ohio agency of your choice within 7-10 business days if you are conditionally approved. After conditional approval from underwriting, your loan consultants will provide you with a list of participating agencies including contact information to schedule a counseling session with a dedicated housing counselor.

Question: What is the purpose of pre-construction counseling services?

Answer: Pre-construction counseling services through a NeighborWorks^® Collaborative of Ohio member provides information on selecting a contractor, from checking credentials to reviewing a bid estimate(s)/contract.

Question: What organizations provide pre-construction counseling services?

Answer:

HUD-approved nonprofit housing counseling organizations that are NeighborWorks^® Collaborative of Ohio member organizations and physically located in Ohio are able to provide the free pre-construction counseling to borrowers. These agencies are subject to change and include the following:

• NeighborWorks^® Toledo Region
• CHN Housing Partners
• East Akron Neighborhood Development Corporation
• Neighborhood Housing Partnership of Greater Springfield
• Neighborhood Housing Services of Hamilton
• The Home Ownership Center of Greater Cincinnati

Question: Am I required to obtain bids from contractors?

Answer: No, you are not required to obtain bids from contractors, but it is encouraged.

Question: Am I required to have work completed by a contractor?

Answer: No, you are not required to work with contractors on home improvements completed with loan funds.